- DOGE's price dropped 0.9%, despite Musk's legal victory.
- Social media interest and active addresses for DOGE are rising.
- Market sentiment leans bearish, but a shift to bullish is possible.
Despite the news about Elon Musk's legal victory over a potential lawsuit involving the coin, DOGE's price fell by 0.9% in the past day, settling at $0.10.
This drop has left many investors scratching their heads. Analyzing DOGE's on-chain metrics reveals a mixed picture, with uncertainty still hanging in the air. While the coin continues to consolidate, a move to $0.13 could happen if conditions shift.
Social Media Buzz and Active Addresses
Recent data from Santiment shows DOGE’s social dominance has spiked to a three-month high. This suggests that the cryptocurrency is drawing substantial attention on social media.
Positive discussions around DOGE are outweighing the negative, which could hint at potential bullish momentum. On the other hand, active addresses for Dogecoin have reached a two-week peak.
This uptick typically indicates growing user engagement. However, despite these positive signs, DOGE's price has remained largely stagnant over the past few days.
This stagnation suggests the market is still undecided. Investors are likely waiting for more significant news before making major moves.
Technical Analysis: Market Sentiment and Price Predictions
A look at the 30-day Coinglass Liquidation Heat Map reveals a market leaning towards bearish sentiment. Currently, there are more Shorts than Longs, with notable sell and buy walls at $0.1023 and $0.0925.
This setup indicates a bearish outlook, with sellers likely to have the upper hand. Yet, the gap between Shorts and Longs is narrowing. This suggests that sentiment might shift to bullish soon, potentially pushing DOGE’s price to $0.13.
Further analysis of Coinglass data on open interest shows traders are closing their long positions. This behavior often signals a bearish trend, as closing longs frequently leads to increased short positions.
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