After climbing 13% within just five days Dogecoin (DOGE) price dropped below $0.069 again on Monday morning. But, if the resilient long-term investors hold firm, could Dogecoin be the top memecoin to watch this week?
Dogecoin (DOGE) price failed the clear the $0.07 resistance last week, but on-chain data suggests that the rally may not be over yet. Do the bulls have enough in the tank to trigger an early recovery this week?
Dogecoin Long-term Fans Remain Resilient
While prominent memecoins like PEPE and FLOKI ranked higher on top gainers’ charts last week, Dogecoin long-term holders are not yet looking to jump ship. According to on-chain data, DOGE Mean Coin Age has increased persistently for nearly a month.
Since dropping to the recent low of 43,107 on June 7, DOGE Mean Coin Age has now risen 30% to reach 55,876 on July 3.
Mean Coin Age gauges the level of trading sentiment among long-term investors by computing the average number of days that coins in circulation have spent in their current wallet addresses.
When it rises persistently, as seen above, it signals that investors hold their coins for much longer. If Dogecoin long-term holders continue doubling down on their positions, DOGE price could be one to watch in the memecoin sector this week.
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Despite the Price Rejection, The Bulls are Still Buying
Dogecoin’s price failed to break above the $0.07 resistance on Monday morning. Investors are still queuing up orders to purchase DOGE despite the price rejection.
The aggregate order books of exchanges show that the bulls have placed active orders by 393 million DOGE. But currently, there are only 244 million DOGE up for sale.
The Exchange On-chain Market Depth shows the aggregate buy and sell limit orders placed for an asset across crypto exchanges.
As seen above, the momentum between the buy and sell orders is heavily tilted in the bulls’ favor. As things stand, demand outpaces supply by a large margin of 149 million DOGE.
In conclusion, considering the bullish sentiment among the long-term holders, the bulls could gain a foothold and trigger an upswing this week.
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DOGE Price Prediction: Watch Out for $0.075
The Exchange On-chain Market Depth chart shows that the DOGE price will likely rise to $0.08 before facing a significant sell-wall.
But first, it has to smash the initial resistance at $0.073, where sellers have put up 71.64 million coins for sale. If the bulls can scale that zone, then the next Dogecoin target to watch could be $0.08
Still, the bears could seize control if the DOGE loses the $0.06 support. But first, the 51.73 million DOGE buy wall mounted by the bulls around $0.065 could prevent the drop.
Nevertheless, DOGE bears could push the price further toward $0.06 if that support cannot hold.
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Disclaimer
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