A brief technical and on-chain analysis on Dogecoin price. Here, FXStreet's analysts evaluate where DOGE could be heading next as it test a crucial resistance level.
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FXStreet Team
FXStreet
Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.
Dogecoin price hovers around $0.0850 at press time on Monday, keeping steady after a 5% rebound the previous day from the February 6 low at $0.08000. On-chain data show that large-wallet investors with 100 million to 1 billion DOGE have reduced their holdings to a five-month low, providing the downside pressure.
Cardano remains under pressure, trading below $0.170 on Monday after a massive correction in the previous week. The bearish price action is supported by the uncertainty surrounding Charles Hoskinson’s remarks last week, which weighed heavily on market sentiment.
The broader cryptocurrency market shows a stalled rebound after Friday's crash linked to the US Jobs data release. Bitcoin hovers above $63,000 at press time on Monday, while Zcash, Bittensor, and Ethereum emerge as top performers over the last 24 hours.
