Dogecoin (DOGE) Price Targets $0.15 as Retail Demand Skyrockets

Insights:

• Dogecoin (DOGE) price skyrocketed to another 2023 peak of $0.10 on Sunday Dec 10, as crypto investors continue to lean heavily into the memecoin markets. 
• On-chain data shows that retail demand for DOGE has exceeded active sell orders by a large margin of 61 million DOGE as of Dec 11. 745 million – 654 million
• Technical analysis indicators show the next resistance and potential support levels that could impact the ongoing bullish DOGE price rally.

Dogecoin (DOGE) price hit yet another 2023 peak as it crossed the coveted $0.1 level on Sunday, December 10, 2023.

A critical on-chain trading metric now shows that Dogecoin traders continue to pile on more demand for DOGE signaling that the rally could further accelerate.  

Retail Traders Have Placed Orders for Another 745 million DOGE 

Dogecoin price crossed $0.10 on Sunday December 10, 2023, bringing its weekly gains to 20%. But despite the double-digit price gains, on-chain data trends shows that the bulls are still gunning for bigger profits. 

IntoTheBlock’s Aggregate Exchange Order Books chart, is a vital on-chain metric that affirms this optimistic Dogecoin price outlook.

Recent readings from the trading logs of 10 prominent crypto exchanges including Binance, Kraken and Coinbase shows that the DOGE retail traders are piling on more demand in the spot markets. 

As depicted below, bullish Dogcoin traders have active buy-orders for 745 million DOGE open at an average price of $0.102. Meanwhile, the sellers have only put 684 million DOGE up for sale around the current prices.  

This implies that there is an excess demand for 61 million DOGE across major crypto exchanges and spot trading platforms. 

The Exchange Order Books chart depicts the price distribution of the total buy/sell orders for a specific cryptocurrency across various exchanges.  

Currently, Dogecoin market demand (buy orders) exceeds supply (sell orders) by nearly 61 million DOGE. This a strong indication that despite price hitting a new yearly peak, Dogecoinis still attracting more demand, while much fewer holders are looking sell. 

Logically, when the market demand for an asset exceeds supply, the relative scarcity puts upward pressure on the price. 

In effect, many sellers may be inclined to raise DOGE prices in the days ahead as buyers compete to get their orders filled quicker. If this current market dynamic persists, it could drive Dogecoin price toward $0.15 area in the week ahead.    

DOGE Price Prediction: Road to $0.15? 

From an on-chain perspective, the rising volume of buy orders look set to drive Dogecoin price into another leg-up $0.15. Howeve, for the bulls to validate this prediction, they must first clear the initial resistance at around $0.11. 

The daily time frame, Bollinger Band technical indicator also confirms this bullish prediction. It shows that DOGE price currently faces a challenge at the Upper Bollinger Band of $0.105. 

However, a decisive breakout above that range could see Dogecoin price claim a new 2023 peak above $0.15 for the first time since November 2022.

On the downside, the bears could negate this positive  DOGE price prediction if they they successfully force a downswing below the $0.06. 

However, the support buy-wall around the lower Bollinger band at the $0.07 area will likely prove too strong to break, in the short-term.