Connect with us
Active Currencies 14420
Market Cap $2,654,916,693,311.20
Bitcoin Share 49.90%
24h Market Cap Change $-2.63

Dogecoin: $0.25 is DOGE’s next target – This is why

3min Read

Though DOGE’s price may slide a bit, a big pump may be underway.

Dogecoin: $0.25 is DOGE’s next target - This is why

Share this article

  • 81% of DOGE holders are in profit, indicating that the coin has not reached the top.
  • Traders are betting on an increase, and other indicators suggest a run toward $0.25.

Dogecoin [DOGE] has lost 4.66% of its value in the last 24 hours. But AMBCrypto’s on-chain analysis suggests that the coin has not hit the top of this cycle.

We found the Rationale for this in the total supply in profit. At press time, 81.05% of the total Dogecoin circulating supply was in profit.

Another 40% hike is on the table

Typically, such a high level of gains should trigger selling. Interestingly, this has been the case as DOGE, despite reaching $0.20 about 30 days back, changed hands at $0.15 at press time.

But for the coin to hit the top, at least 95% of holders have to be in the green zone. This inference was taken from the historical performance of DOGE.

Dogecoin's supply in profit drops, indicates a higher price

Source: Santiment

However, it is important to note that history does not always repeat itself. But patterns tend to be similar. Therefore, going by past bull markets, Dogecoin might need to rise by another 40% for talks about the top to be valid.

If this is the case, the coin price should be trading at $0.25. Furthermore, DOGE might hit the price, and could still go higher considering the external factors that could drive the cryptocurrency to $1.

Should this be the circumstance, then 100% of the coins in circulation would be in profit. Furthermore, traders seemed to share the opinion that DOGE might be set to bounce.

Will bullish wagers be worth it?

This was indicated by the Funding Rate. On the 5th of May, Dogecoin’s Funding Rate was negative, suggesting that shorts were paying longs a fee and bets in the market were mostly bearish.

But at press time, that was no longer the case, as the Funding Rate was positive. Positive values of the metric imply that DOGE was trading at a premium per price compared to the spot value.

Dogecoin funding rate shows a bullish sentiment

Source: Santiment

However, the price decrease suggests that longs are not yet getting rewards for their positions. From a price perspective, this could be bearish for DOGE.

As such, the price might slide to $0.14.  If it does, the rebound from this low could be hard, and a rally could occur in the midterm.

Another indicator AMBCrypto found fueling the prediction was the liquidation levels and the CLLD. CLLD is an acronym for Cumulative Liquidation Levels Delta.

When the CLLD is positive, it implies that there are more long liquidations. A negative reading, on the other hand, suggests more short liquidation.

Dogecoin shows a bullish bias from the liquidation levels

Source: Hyblock

From the chart above, a magnetic zone appeared between $0.16 and $0.20, indicating that Dogecoin’s price could rise in that direction.

Is your portfolio green? Check out the DOGE Profit Calculator

The negative value of the CLLD indicates that the slight price dip could leave late shorts trying to capitalize on the movement at risk.

While this could trigger a bullish bias, longs who are not getting rewards yet, might soon start to make profits.


Victor Olanrewaju is a full-time journalist at AMBCrypto. Settled in Lagos, his fascination with blockchain technology and the cryptocurrency market arose out of his love of freedom and everything free. As a Nigerian, Victor understands the impact unfounded financial restrictions have on a population. He sees Bitcoin and cryptos as a way to circumvent these obstacles, as a tool for value creation despite all the setbacks. A graduate in Physics, Victor previously worked as a Senior Marketer at Melange Technologies. Before that, he dealt with crypto-marketers on a regular basis in his capacity as Copywriter at Ventrix Media. At AMBCrypto, Victor’s focus is on assessing the real effectiveness of both on-chain and off-chain developments on a project and its community sentiment.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.