Dogecoin Dilemma: DOGE Plots a Moonshot at $0.10

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Dogecoin (DOGE) price has been sliding west since August 18, barely holding above the $0.06250 support level. The consolidation came as the broader market endured a lulled market, led by Bitcoin (BTC) price’s range-bound movement.

Despite the lack of directional bias for Dogecoin price, analysts maintain their optimism for DOGE. Case in point, Poseidon, a cryptocurrency trader, said that the DOGE market value was probably in the accumulation stage. This was after the trader analyzed the meme coin’s monthly, weekly, and daily charts.

Deep dive into $DOGE

Monthly chart
You may ask why I also evaluate Doge in the long term, but when I look at the weekly and daily charts, it is very clear that something will still happen here. While most of the L1 and other projects that you see as important make new lows… pic.twitter.com/a4x3FzOujv

— Poseidon (@CryptoPoseidonn) September 6, 2023

According to the trader, despite the sideways slide in Dogecoin price, it has showcased robust accumulation. Poseidon reached this conclusion after comparing the DOGE price action to other tokens in the Layer-1 (L1) category.

Poseidon indicates that the $0.048 level remains crucial for the Dogecoin price in one month. More specifically, he notes that every DOGE token purchased within the value range of $0.025 to $0.010 is deemed cheap, possibly recording up to 10X in long-term gains.

Dogecoin Price Forecast With 73% of DOGE Holders Sitting On Unrealized Losses

At the time of writing, Dogecoin price is $0.06369, with DOGE pushing north. Increased buyer activity could see the meme coin tag the 50-day Exponential Moving Average (EMA) at $0.06719 or higher to tag the 100-day EMA at $0.06924

An extended move north could see the Dogecoin price enter the fair value gap (FVG) and potentially close above its consequential encroachment (CE) at $0.07232. Notably, the CE is the midline of an FVG, and prices rarely cross above it unless the trend continues. This level is significant, considering it coincides with the 200-day EMA at $0.07252.

In a highly bullish case, Dogecoin price could break past the FVG. Flipping it into a bullish order block could clear the way for an extension to the $0.07734. Above this level, it would be a possible homerun for DOGE to reach its $0.10000 target, with only the $0.08198 and $0.09500 resistance levels to overcome. This would denote a 60% climb above the current price.

The Relative Strength Index (RSI) and the histogram bars of the Awesome Oscillator have been recording higher lows. This points to growing momentum and could bode well for Dogecoin’s price.

On-chain data from intelligence tracker IntoTheBlock bolsters the case for the north. Per its Global In/Out of the Money (GIOM) metric, 73% of token holders are sitting on unrealized losses (out of the money). Meanwhile, 20% of DOGE holders are sitting on unrealized profit (in the money), while only 6% are breaking even (at the money).

With more DOGE holders sitting on unrealized wallets, relative to the ones facing unrealized profit, Dogecoin price still has some time to nurture an uptrend. This comes as the holders currently out of the money wait to break even before they can exit.

Converse Case

On the flip side, if seller momentum grows in the DOGE market, Dogecoin price could descend, first losing the support offered at $0.06250. In the dire case, the altcoin could extend south to tag the $0.05984 support floor or lower to collect the buy-side liquidity underneath it.

The flattening RSI threatens the case for the bulls, while the negative AO indicates that the bears still have a presence in the DOGE market.

While DOGE weighs the dilemma, consider WSM, a more promising meme coin that recently crossed the $25 million mark in presale sales.

The project features among the top 3 crypto presales to 10X your investment in 2023.

DOGE Alternative

WSM is the native cryptocurrency for the Wall Street Memes ecosystem. The project distinguishes itself among its peers with an outstanding presale. Equality is at the heart of the project, emphasizing empowering the underprivileged. Evidence of this is indicated with a significant portion of the token’s supply set aside for community members. This avoids secretive private sales or a situation where the tokens are distributed disproportionately.

The token currently retails for $0.0337 per token, with the option to buy WSM using Ethereum (ETH), Tether (USDT) stablecoin, or a bank card. The project is set for listing soon.

One of the most incredible things during the presale is the colossal investment made by a large holder. As reported, the whale address spent 460 ETH to buy WSM in five different transactions totaling $840,000.

This was not the first time, as the same wallet address spent 93 ETH to acquire WSM. The transactions reached $1 million, marking a watershed momentum for the Wall Street Memes ecosystem.

The project has a staking product out already, offering WSM token holders a chance to make some passive income. The project’s community base continues to grow because of the imminent listing on tier-one exchanges and the intended integration of a high-yield staking mechanism. Users find the project’s dedication to stability, thereby emphasizing the staking feature.