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Dogecoin has reached a new milestone with the number of Network wallets Hit a new historical maximum (ATH). Despite this upward development, the price of dogs continues to fight, which has generated concerns among community members.
Dogecoin wallets hit New Ah, but Price continues to fight
In a X publicationThe cryptographic analyst Ali MartÃnez revealed that the total number of Dogecoin wallets has reached a new historical maximum of 83.48 million. This is optimistic for doge, since it indicates that more users are actively using The networkand the most important meme coin. An increase in Dogecoin’s utility tends to drive at higher prices for memes currency.
However, in this case, the price of Dogecoin is fighting despite the directions of the network hitting a new ATH. Doge is currently below the psychological level of $ 0.20, since it has constantly decreased from a local maximum of $ 0.46 achieved in December. As Bitcoinist recently reported, Decline the price of Dogecoin It is due to external factors instead of its foundations.
The ongoing Commercial War Between the United States and other countries such as Canada, Mexico and China have caused a bearish feeling among investors and negatively impacted Dogecoin and other cryptographic assets. In addition, the United States has continued to create uncertainty in the market going and coming on the rates that choose to impose on these countries.
Meanwhile, the United States Federal Reserve maintains an aggressive position, reducing the probability of the Fed feeding interest rates This year. This is also bassist for Dogecoin and continues to affect its price. It is unlikely that investors assign a lot of capital to the currency of memes and other risk assets without guarantees of a rate cut this year.
Completed at risk of falling up to $ 0.15
In an X publication, Ali MartÃnez He warned that the price of Dogecoin could fall to $ 0.15 if it breaks below the support level of $ 0.19. He explained that since 2014, Dege has been operating inside an ascending channel and has tended to recover from the lowest support line of the channel to the higher resistance trend line.
However, Crypt Analyst Tarded merchant He suggested that Dogecoin’s price could come on the rise instead of suffering a break below $ 0.19. In an X publication, he declared that the average directional index of Doge (ADX) indicates a possible increase ahead. His accompanying table showed that the most important meme coin could recover at $ 2.8 when this increase occurs.
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Meanwhile, in the midst of this descending trend of the market, Kevin Capital has indicated that it could now be a good time to accumulate Dogecoin. He pointed out the weekly index of relative force (RSI) of Doge, which is currently oversight. As such, the meme currency could soon recover from its current price level.
At the time of writing this article, the Dux price is quoted at around $ 0.19, more than 8% in the last 24 hours, according to data of coinmarketcap.
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