After rising 13% in just five days, the price of Dogecoin (DOGE) has dropped below $0.069 on Monday morning.
The price of Dogecoin (DOGE) failed to break the resistance level at $0.07 last week, but on-chain data indicates that the price rally may not be over yet.
Long-term Dogecoin holders remain resilient
Since dropping to a recent low of 43,107 on June 7th, the DOGE Mean Coin Age has increased by 30% to reach 55,876 on July 3rd.
Mean Coin Age evaluates the level of trading sentiment among long-term investors by calculating the average number of days that the circulating coins have been held in their current wallet addresses.
As this index continues to increase, as seen above, it indicates that investors will hold onto the cryptocurrency for even longer. If long-term Dogecoin holders continue to double down on their positions, the price of DOGE could be something to watch in the memecoin space this week.
Despite the price rejection, the bullish camp is still buying
The price of Dogecoin failed to break through the resistance level of $0.07 on Monday morning. Investors are still queuing up to buy DOGE despite the price rejection.
The aggregated order book from exchanges shows that the bull side has placed orders for 393 million DOGE. However, currently, only 244 million DOGE is being offered for sale.
Predicting the price of DOGE
The Exchange On-chain Market Depth chart suggests that the price of DOGE may rise to $0.08 before facing significant selling pressure.
However, first, DOGE needs to break the initial resistance level at $0.073, where sellers have placed 71.64 million DOGE on the market. If the bullish momentum can push through that region, the next target for Dogecoin to watch out for could be $0.08.
The bearish side could gain control if DOGE loses the support level at $0.06. However, first, the buy wall of 51.73 million DOGE anchored by speculative buyers expecting the price to rise around $0.065 could potentially prevent further downside movement.
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