Dogecoin, the king of meme coins, is known for its high volatility, but it has been moving steadily for months. The reason for this is Elon Musk’s decreased interest in it. The post Dogecoin (DOGE) Analysis: Volatility and Miner Reserves appeared first on COINTURK NEWS.
Dogecoin (DOGE) Analysis
The price of DOGE is currently at $0.070, and the halt in BTC’s rise has also halted the price increase. At the time of writing, BTC has been able to maintain $36,000, so the outlook is currently positive. However, it is uncertain whether the significant selling pressure from the $38,000 test will continue. We will come back to the price, but for now, let’s take a look at the Dogecoin network data.
There is an issue here. We previously mentioned that DOGE miners were accumulating in our previous analysis. The reserves, which reached 4.47 billion on November 6, had seen their peak at the end of October. However, in the past three days, miners have reduced their reserves to 4.41 billion. This means that while the price was rising, selling has intensified. This indicates that miners may not have been convinced by the recent rally. The selling trend has been ongoing since August 15 on a broader scale.
Let’s dive into more detail. The large investors who have reduced their holdings are seen as addresses holding between 1 billion and 10 billion DOGE in the chart below. The most accumulation has been made by addresses holding between 10 thousand and 100 thousand DOGE.
DOGE Price Predictions
According to a FoxBusiness report at the time of writing, we learned that BlackRock is waiting for ETF approval until January (with high hopes in this regard). This is helpful for the continuation of positive sentiment for cryptocurrencies in the short term. As for the DOGE price, we see that it continues to linger around $0.071.
The long upper wicks in the chart indicate that someone is selling at resistance levels. We mentioned this group earlier. For the bullish sentiment to become more apparent, the $0.075 area where selling is intensifying needs to turn into support. Then, targets of $0.095 and $0.1 can be aimed for with closings above $0.081.