Dogecoin has reached a new milestone with the number Wallets in the network Beats a new highest time (ATH). Despite this haus -like development, the Doge Prize continues to fight, which has caused concern among the members of society.
Dogecoin wallets hits a new ATH but the price continues to fight
In one X postCrypto analyst Ali Martinez revealed that the total number of Dogecoin wallets has hit a new highest time of 83.48 million. This is Hausse for Doge because it indicates that more users actively use The networkAnd the main Meme coin. An increase in Dogecoin’s tools tends to lead to higher prices for the MEME coin.
In this case, however, the Dogecoin Prize is struggling despite the network’s addresses that meet a new ATH. Doge is currently below the psychological price level of $ 0.20, after declining steadily from a local height of $ 0.46 reached in December. As Bitcoinist recently reported, Dogecoin’s price decline depends on external factors rather than its basic.
The ongoing trade war Between the United States and other countries such as Canada, Mexico and China have led to a baissey feeling among investors and adversely affected Dogecoin and other crypto assets. In addition, the United States has continued to create uncertainty in the market by going back and forth as to which customs it chooses to impose these countries.
At the same time, the US Federal Reserve maintains a Hawkian position, which reduces the probability of Fed reducing interest rates This year. This is also Baisseart for Dogecoin and continues to influence the price. It is unlikely that investors will allocate a lot of capital to the MEME coin and other risk resources without insurance about interest rate utilization this year.
Dogge risks sinking to as low as $ 0.15
In an X post, Ali Martinez Warned that the Dogecoin price could fall to as low as $ 0.15 if it breaks below the $ 0.19 support level. He explained that since 2014, Dogge has traded within a rising channel and has tended to recover from the lower support line of the channel to the upper resistance trend line.
Crypto Analyst Trader suggested that the Dogecoin price could break out to the upside rather than suffering from a break under $ 0.19. In an X post, he stated that Doges average directional index (ADX) indicates a potential increase forward. His accompanying chart showed that the main Meme coin could rally at $ 2.8 when this wave occurs.
Meanwhile, in the midst of this market decay, crypto analyst Kevin Capital has stated that it may now be a good time to be a good time accumulate dogecoin. He pointed out Doges Weekly Relative Strength Index (RSI), which is currently oversold. As such, the Meme coin can soon recover from its current price level.
At the time of writing, the Doge price is traded at around $ 0.19, a decrease in more than 8% over the past 24 hours data From Coinmarketcap.
Featured image from unsplash, charts from tradingview.com
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