Lorenzo Stroe
Independent Analyst
- Dogecoin price has just hit a new all-time high at $0.495.
- The network activity of DOGE has significantly increased again.
- The digital asset seems to be facing practically no resistance ahead.
Dogecoin price has established a new all-time high of $0.495 and faces no critical resistance ahead. Cryptocurrency enthusiasts have become extremely interested in DOGE again and are pushing its price to new highs.
Dogecoin price aims for more upside action
Dogecoin price broke its previous all-time high of $0.45 and aims to hit $0.77 which is the 127.2% Fibonacci retracement level. Above this point, the next critical price target is $1, a psychological level and also the 141.4% Fibonacci retracement.
DOGE/USD 12-hour chart
In the last week, the number of new addresses joining the Dogecoin network has significantly increased by 30%. Similarly, the number of active addresses also saw a major 44% upswing, indicating that investors are buying DOGE at current prices.
DOGE Network activity
However, the digital asset is facing a ton of selling pressure as the TD Sequential indicator has just presented a sell signal on the 12 and daily charts.
DOGE Sell Signals
Validation of both signals can quickly drive Dogecoin price down to $0.45 in the short-term and as low as $0.294 at the 78.6% Fibonacci retracement level.
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