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DOGE Daily Circulation Decreases by 90%, Here Are Main Reasons

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According to the Blockchair on-chain data service, Dogecoin’s daily circulation has dropped significantly after reaching a three-month high previously, on Oct. 29. The main reason may be the memecoin’s price action.

High network activity was followed by large volumes on the market, including a 43% price increase. Right after reaching an almost three-month high, Doge retraced by almost 12% and then only moved down by 5%.

With high volatility hitting the markets, more traders and investors begin to move their digital assets from exchange wallets to personal ones and vice versa. With the price stabilizing and volatility continuously decreasing, market participants tend to “leave” their funds on exchanges or wallets, without moving them, which then causes a decrease in daily circulation.

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Doge price
Source: TradingView.com 

The large movements on the market are quite often correlated with the value growth of digital assets. Since daily circulation is measured in volume, rather than in the number of transactions, whenever whale-tier wallets move their assets, the market should expect an increase in volatility.

At press time, Dogecoin is trading at $0.28 with a 1.4% loss. Previous volume numbers have now recovered back to an average of 1.5 billion on Binance.

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Dogecoin Forecast December 3, 2021

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DOGE/USD are traded at the level of 0.2080 and continue to move as part of the correction and the downward channel. There is also a potential for the formation of the “Head and Shoulders” reversal pattern. Moving averages indicate a short-term bearish trend for Dogecoin. Prices are again testing the area between the signal lines, which indicates pressure from the sellers of the asset and a potential continuation of the fall from the current levels. At the moment, we should expect an attempt to develop a correction in the value of a digital asset and a test of the support level near the 0.1945 area. Where can we expect a rebound upward again and a continuation of the rise in the Dogecoin rate with a potential target above the level of 0.2655.

Dogecoin Forecast December 3, 2021

A strong signal in favor of raising the DOGE/USD quotes will be a rebound from the support line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the “Head and Shoulders” reversal pattern. Cancellation of the option to raise the coin will be a fall in the value of the asset and a breakdown of the 0.1705 area. This will indicate a breakdown of the support area and a continued fall in the cryptocurrency rate with a potential target below the level of 0.1435. With the breakdown of the resistance area and closing of quotations above the level of 0.2485, we should expect confirmation of the development of a bullish trend in Dogecoin.

Dogecoin Forecast December 3, 2021

Dogecoin Forecast December 3, 2021 suggests an attempt to correct and test the support area near the level of 0.1945. Where can we expect a rebound and continued growth in DOGE/USD to the area above the level of 0.2655. An additional signal in favor of a rise in Dogecoin will be a test of the trend line on the relative strength index (RSI). Cancellation of the growth option will be a fall and a breakdown of the 0.1705 area. This will indicate a continued decline in cryptocurrency with a target below the level of 0.1435.

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Dogecoin Price Prediction: DOGE hints at a 20% run-up

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  • Dogecoin price is on a downswing, preparing for a 20% upswing to $0.239.
  • DOGE could extend its leg-up to $0.256 if the buying pressure rises.
  • A breakdown of the range low at $0.183 will invalidate the bullish thesis.

Dogecoin price looks to be heading toward the high probability reversal zone, suggesting that an uptrend is likely to begin soon. The resulting rally has a high chance to retest the range high and push beyond it to set up higher highs. Therefore, investors need to pay close attention to the current levels, as it screams ‘buy.’

Dogecoin price to set up higher highs

Dogecoin price has rallied 12% over the last six days and is currently approaching the midpoint of the trading range at $0.205. A dip below this barrier is likely to knock DOGE down toward the buy zone, extending from $0.190 to $0.200. 

A dip into this area is likely to trigger an increased buying activity, kick-starting an upswing. In this situation, investors can expect Dogecoin price to retest the range high at $0.227. However, the market makers will be eyeing the liquidity resting above the $0.238 swing high. A retest of this level will constitute a 20% run-up.

In a highly bullish case, Dogecoin price could rise higher to $0.256, representing a 28% ascent from $0.200.

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DOGE/USDT 4-hour chart

On the flip side, if Dogecoin price fails to hold above the buy zone, ranging from $0.190 to $0.200, it will indicate a weakness among buyers. This development will knock DOGE down to the range low at $0.183.

Here, the buyers have another chance for a comeback if they band together. However, a daily close below $0.183 will create a lower low and invalidate the bullish thesis.

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Elon Musk’s Ex, Grimes, to Accept Dogecoin During Upcoming Merch Drop

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Grimes is pushing Dogecoin merchant adoption by accepting the meme coin for her merch drop.

Musk, who started dating Grimes, parted ways with the singer in September.

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According to media reports, the two are still on good terms. The eccentric businessman told Page Six that they still love each other:

We are semi-separated but still love each other, see each other frequently and are on great terms.

Grimes and Musk co-parent their son, X Æ A-Xii Musk, with whom the world’s richest man was recently spotted in Miami.

In June, Musk joked that his baby was a Dogecoin “toddler-hodler.”

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