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Dogecoin eyes $0.20, but will holding THIS support suffice?
Dogecoin is currently trading at a crucial juncture, as it attempts to hold onto its key support level of $0.13 while maintaining the hope for a potential breakout towards $0.20 or even $0.30 in the coming weeks.
As the cryptocurrency clings to this strong support zone, backed by both a rising trendline and the 61.8% Fibonacci retracement level, many traders are eagerly waiting for confirmation of a decisive upward move. Despite some short-term price fluctuations, Dogecoin’s technical structure indicates potential for reversal, with previous bounces from this level having often been followed by upward movements.
The sudden increase in the Stock-to-Flow ratio to 69.09, up from a consistent 29 range, is another bullish indicator that could signal renewed scarcity and potentially drive interest from long-term investors. This metric has historically correlated with price appreciation, especially when accompanied by positive market sentiment.
However, it is essential to keep a close eye on the cryptocurrency’s on-chain metrics, as the current lack of significant user engagement and low transaction count may hinder momentum unless fresh interest emerges. The daily active addresses have stagnated at 42,816, while transactions only managed a modest increase to 20,793.
Source: https://ambcrypto.com/dogecoin-eyes-0-30-but-will-holding-this-support-suffice/
