- A cryptocurrency analyst predicted that DOGE could soon look to target $0.0944.
- DOGE’s increase in long positions and social volume have been on the increase according to Santiment data.
- At press time, DOGE was trading at $0.07918 after its price slipped by over 3% throughout the past day.
Cryptocurrency analyst Johnny, shared in an X post yesterday that he believes the price of Dogecoin (DOGE) is ready to make a move up soon. According to the post, the meme coin was retesting the $0.07967 support, but if bulls can step in, the analyst believes the token could target $0.0944 very soon.
The token retesting its immediate support is one of many factors that could propel its price higher. Another catalyst that could provide DOGE with a bit more bullish momentum involves Astrobotic’s announcement of their intention to send a physical DOGE token to the moon in December.
The market intelligence platform Santiment also shared in an X post on Friday that DOGE’s on-chain transaction volume reached its highest level in 3 months. Additionally, there was also a notable increase in the amount of DOGE long positions opening as traders bet on the meme’s price rising.
The recent increase in DOGE’s social volume could also encourage a price pump from DOGE. In a separate X post shared on Friday, Santiment revealed that DOGE saw its social volume increase by about 4%.
Data from CoinMarketCap indicated that DOGE saw its price dip by 3.77% throughout the past 24 hours. This meant that the token dropped below its support level to trade hands at $0.07918 at press time. This came after DOGE set a low price of $0.07803.
Along with its price drop, DOGE’s 24-hour trading volume suffered a more than 43% knock throughout the past day. As a result, the altcoin’s volume decreased to $1.13 billion. Additionally, DOGE’s market cap dropped to about $11.23 billion, ranking it as the ninth largest token by market capitalization.
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