Dogecoin

April

The post <a href="https://coinpedia.org/price-analysis/dogecoin-price-struggles-at-0-09-amid-a-surge-in-profitable-addresses-is-doge-price-ready-to-skyrocket/" rel="noopener noreferrer nofollow">Dogecoin Price Struggles At $0.09 Amid A Surge In Profitable Addresses! Is DOGE Price Ready To Skyrocket?</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
The meme coin market experiences a recovery as Dogecoin attracts renewed buying interest by surpassing resistance levels. Consequently, numerous on-chain indicators have shifted towards a bullish outlook, hinting at a potentially upward trajectory for DOGE’s price in the coming hours. Nevertheless, there is a cause for concern as some holders have been steadily liquidating their holdings near the recent market peak, raising concerns about the possibility of a sharp decline below the monthly support channel.
<h2 class="wp-block-heading" id="h-profitable-addresses-might-look-for-opportunities">Profitable Addresses Might Look For Opportunities</h2>
The dog-themed meme cryptocurrency, Dogecoin, has surged to a weekly high after the introduction of the new “XPayments” account on X (formerly Twitter), gaining over 100,000 followers. Although the XPayments account has yet to make a single post, and X has not confirmed its payment functionalities, traders are expecting that DOGE might be integrated into the platform, possibly due to occasional mentions by its owner, Elon Musk.
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/_6ydCm2zNEgVkrTNvqv67aNsLmGzPBGfqs8jUK6hZgw8fPYXNEMcYiUzew4FSWpJFfUs2T7o0SxFbDXOubUPog1zjncad1rom3GOBhpUsu6k5sUW4mjKlaPoQPng5GYDkHZVw17wJBXmTQsOImM9TIA" alt="">
</figure>
<a href="https://coinpedia.org/price-analysis/doge-price-breakout-takes-retest-will-dogecoin-bounce-back/" rel="noopener noreferrer nofollow">After Dogecoin’s price rose above</a> $0.085, there has been a significant increase in the number of profitable addresses, as reported by IntoTheBlock. These profitable addresses now account for 64.8% or 3.5 million of the total, raising the possibility of increased selling activity from these holders due to Dogecoin’s continued low volatility.
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/v6XM4ApULSFRwXteeuQr9Twf7DMo3kzaIlShBv0IJnkzXWioYYnfblnP5DVbdGFRMcpod32VZ6MGyTT0XeIeF2BDnbG_81YAa7rca8ibYbx5FpyAWNFvaksm01L9CIn5-l0nBJ_VW88sGX0I74zONpU" alt="">
</figure>
Consequently, Dogecoin is encountering difficulties in surpassing the $0.09 threshold, primarily due to the liquidation of approximately $400K worth of short positions within the past 24 hours. This influx of liquidations has strengthened the resistance level, intensifying the ongoing struggle for DOGE’s price at its current point.&nbsp;
Presently, there are approximately 788K addresses holding more than 37 billion DOGE near this level, and any sudden rejection or decline from this position could potentially trigger a long squeeze, causing the DOGE price to plummet back to its pre-surge levels.
Elon Musk’s “everything app” strategy for X may introduce Dogecoin for peer-to-peer payments by mid-2024. Musk teased DOGE payments for Twitter Blue in April 2023, and Tesla already accepts DOGE for merchandise purchases.
<h2 class="wp-block-heading" id="h-what-s-next-for-doge-price">What’s Next For DOGE Price?</h2>
Dogecoin price attempted to surge above the $0.09 mark but faced increasing selling pressure, resulting in a strong rejection. However, buyers hold confidence by defending a decline below the moving averages at $0.081. As of writing, DOGE price trades at $0.0845, declining over 2.8% from yesterday’s rate.
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/ZOP7Jm34qJr-0KhkSv_Uzzm47qq0Y8RM_nkWIH_lqg80SZ_OgdBKP2VNLh756iZub_mC3e5BtpFWWTW-bahZv5BL4n8RyPT53o7N6_8koJpLUaVLkZDNsJRj8nijsw7N4rcfUwiL2AjJpaEUkQg8gyw" alt="">
</figure>
The stable 20-day EMA and the RSI above the midline signal a balance between supply and demand. Should the price reverse from its current level or surge above the 20-day EMA, bulls will once again attempt to push the DOGE price above $0.09. A successful move might send the price above $0.1.
On the bearish side, if the price manages to break below the EMA trend lines, it would suggest a weakening hold by the bulls. In this scenario, bears would likely make efforts to push the price toward the significant support zone ranging from $0.07 to $0.075.

Dogecoin Price Struggles At $0.09 Amid A Surge In Profitable Addresses! Is DOGE Price Ready To Skyrocket?

Table of Contents

CoinPedia News

Other articles published on Jan 22, 2024

24 Crypto Update, 21 Jan: Is the Crypto Realm About to Take a Dive

Crypto XRP: US banks caught in an unprecedented whirlwind!

Bitcoin: Traders turn to profit-taking as price declines and that means…

How Ondo Finance Aims to Capture a $15 Trillion Tokenized Securities Market

Cryptocurrency statement from the Presidency of the Republic of Turkey

Experts Say Retik Finance (RETIK) Early Investors Will Enjoy 100x Gains by the End of 2024

Join our free newsletter for daily crypto updates!