Dogecoin's DOGE/USD volatile trading range make raised questions about whether the apex meme coin can really break upwards soon.
What Happened: Daan Crypto Trades on Monday highlighted the attempted breakout, saying DOGE needs to hold on to the current area to move higher over the next couple of weeks.
Crypto trader Kevin analyzed Dogecoin's chart and sees a “massive” development:
Another trader countered by saying Dogecoin has not yet managed to form a clear 5-wave move to the upside yet, and the structure has started to look unstable. The technical analyst added that if the price breaks below $0.1139, support will be in the lower support zone defined between $0.102 and $0.1097.
Also Read: Dogecoin Heading To $0.30? ‘Good One If You Want To Capture Some Of The Meme Mania,’ Top Trader Says
Why It Matters: Dogecoin Foundation member Timothy Stebbing mentioned that many exchanges ask the foundation for free DOGE for various promotions. He added that in ten years of Dogecoin, there has been no developer lockup, no pre-mine and no initial coin offerings. He sees Doge as the most fair-launch crypto project in history.
IntoTheBlock data shows Dogecoin's large transaction volume increased by 7%, while daily active addresses rose by 3.4%. Transactions greater than $100,000 increased from 201 to 219 transactions. However, exchange netflows dropped by 144.5%.
Price Action: In the past 24 hours, DOGE is down 3.4%.
What’s Next: The influence of meme coins and Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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