Will Dogecoin (DOGE) Price Reach $0.1 Amid 880M Fresh Buy Orders?

Price Insights:

• Dogecoin (DOGE) price has made a blistering start to December 2023, scoring 6% gains within the past 48 hours. 
• Bullish traders have placed buy orders for another 883 million DOGE around the current prices, significantly outpacing the current sell orders. 
• Technical indicators show how DOE price could hit a new 2023 peak above $0.1 if it breaks above the critical resistance area at $0.09.

Dogecoin (DOGE) continued its strong performance in December, with a 6% price bounce in the last two days as it increased from $0.08 to $0.085 between Nov 30 and Dec 2. A vital on-chain trading metric shows that the bulls remain firmly in control of the DOGE markets despite double-digit gains over the past month. 

Bullish Traders Placed New Orders for 880 Million DOGE

Dogecoin price gained 13% in October and added another 15% increase in Novemeber. But despite double-digit gains in the last two consecutive months, on-chain data trends show that the Dogecoin bulls have not taken their feet of the gas. 

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

Recent readings from the trading logs of 10 prominent crypto exchanges shows that the Dogecoin bulls are currently in the driving seat. As depicted below, bullish DOGE traders have placed buy-orders for 883 million DOGE at an average price of $0.84. 

Meanwhile, the sellers have only put 800 million DOGE coins up for sale around the current prices.  

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

Currently, Dogecoin market demand (buy orders) exceeds supply (sell orders) by nearly 83 million DOGE. This a clear indication that despite two consecutive months of double-digit gains, Dogecoin is still attracting more demand, rather than a load of traders looking to sell. 

More so, when demand for an asset exceeds market supply, the relative scarcity can put upward pressure on the price. 

In effect, many sellers may be inclined to raise DOGE prices in the days ahead as buyers compete to FOMO-in to the ongoing rally.  If this current market dynamic persists, it could drive Dogecoin price toward $0.1 in December 2023.   

DOGE Price Prediction: Is $0.1 a Viable Target?

Having reclaimed the $0.085 territory, the 80 million excess market demand recorded this week  puts DOGE price in a prime position for more gains.

In the daily time frame, Bollinger Band technical indicator also confirms this bullish prediction. It shows that DOGE price has recently broken above the 20-day Simple Moving Average price at $0.078. 

Investors often interpret this as a clear indication of a growing bullish momentum.

However, the bulls could face significant resistance at the upper Bollinger band of $0.086. A decisive breakout above that range could see XRP price claim a new 2023 peak above $0.1.

On the downside, the bears could negate this positive DOGE price prediction if they successfully force a downswing below $0.070. 

However, the support buy-wall around the lower Bollinger band at the $0.072 area will likely prove too strong to break, in the short-term.