Relatively, Dogecoin (DOGE) price rose to $0.15 as of Wednesday, March 15. While a 0.53% increase in price volatility over the past 24 hours in this bearish crypto (and DOGE) market, buying pressure in the crypto market, and DOGE in particular, appears to be building.
Approximately 27.4 Billion DOGE are being acquired over the past few weeks, fueling potential price recovery. Recent volatility to the upside follows a period of lengthy price contraction when bearish price pressure and buying pressure had previously developed.
Cryptocurrency analysts predict buying pressure will continue in the Dogecoin market as Dogecoin and other altcoins gain volatility along with other cyryptos. Other altcoins, for example, CRYPTO.COM (CRO, $0.071998), STRK ($10.7193), and MYX ($0.777) are correlated DOGE price recovery.
Price of Dogecoin’s strong Saupport
Recent accumulation of 27.4 billion DOGE acquired over the past month or two on the DOGE on-chain market at the five cent ($.05) level appears to be a new, strong price level. This level of accumulation over a nominal price suggests the market’s reluctance to sell the token.
Many investors consider this price a good level to support their holding of DOGE, primarily due to its low price. Many market analysts support this price accumulation as a good level to support holding a short market position in DOGE. Experts at Glassnode, for instance, document DOGE price support.
The heatmap suggests that a good number of investors believe in the price zone as it shows a very high concentration of wallets in the $0.079 to $0.082 zone. However, because of the historical nature of the accumulation, it should be considered that such high accumulation in concrete price zones historically serves as very solid support during sentiment fluxes in the market. This suggests that DOGE does have the potential to rebound strongly in the future.
Exchange Supply Indicates Recovery is Near
After a long period of outflows, the Dogecoin exchange supply shows that net flows have turned positive. This is, net supply is increasing. This positive shift from outflows to net positive suggests that DOGE could see a price recovery as it shows demand.
The positive shift from net outflows to positive flows shows increased interest in the asset. Many analysts believe that the positive exchange supply shows the demand outcompetes the supply, which in this case is DOGE, and that outflows from wallets holding DOGE will result from market activity.
Will DOGE Maintain Support at $0.15?
Currently, Dogecoin is valued at $0.158, the price shows some positive sentiment and momentum as the MACD shows some bullish divergence. The positive sentiment is later confirmed as the histogram bars are positive. The market appears to have some positive changs in momentum as the RSI is high, near 45.
DOGE could go for another increase toward $0.170 if it stays above $0.150. If it breaks above that, clears the for an increase toward $0.185 and possibly $0.20. If it fails to hold above $0.150 and drops, it could go toward $0.145 and then $0.140 as well.
Accumulation from whales, buying support, and positive supply stats from exchanges show that Dogecoin is able to recover, if only slightly, and allows for investors to prepare for what could happen within the broader market.
