Next Level

Dogecoin

The post <a href="https://coinpedia.org/price-analysis/dogecoin-aims-for-0-2-as-profitable-addresses-hit-2-year-high-heres-the-next-level-for-doge-price/" rel="noopener noreferrer nofollow">Dogecoin Aims For $0.2 As Profitable Addresses Hit 2-Year High! Here’s The Next Level For DOGE Price</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
In recent days, DOGE price has experienced a slight surge, tracking alongside Bitcoin’s move towards the $43K mark. With an uptick in buying interest around current dip, the sentiment is set for a possible breakout for the meme coin. This momentum is supported by various on-chain indicators, particularly the notable increase in profitable Dogecoin addresses, which have reached their highest level in two years.
<h2 class="wp-block-heading" id="h-return-in-long-term-doge-holders-confidence">Return In Long-Term DOGE Holders’ Confidence</h2>
In the past month, Dogecoin has seen a notable increase of over 22% in its value, pushing the confidence of meme investors. As the price of Dogecoin increased, so too did the selling pressure from its holders.
The IntoTheBlock chart shows a significant change in Dogecoin miners’ reserves. On November 24, these reserves were at 4.67 billion Dogecoin. However, on December 15, it decreased to 4.39 billion Dogecoin.
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/V1F231Su5GzHzuq87vxL2Vbd-jgSuQMrWnrAWMfv8IGssSNH4_zbir-en_3EMQ_zAI9ZzQJR_5AG_yfsq2O75kUa7SFDF_VSXD7rTb3XMElMM7fTeuJ56RYpG4SMtNVxcwa488iWxtoF8BlEEEUpN24" alt="">
</figure>
This indicates that, in the span of three weeks, Dogecoin miners have plunged their reserves by approximately 280 million, equating to around $27 million. Miners seem to be capitalizing on the price increase to liquidate their holdings at peak values. Such a consistent sell-off trend by miners can typically put a negative influence on the price near resistance levels.
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/8WOXqIftr-5qqQCtBrChXHIheeXTfSvUckk6ELNkuB5eQdoqK6qiBjLYxfsqI7Oth-Fh5plFMT4gTD2RL2rD23Rp6r-ng0MGtK_aoh_H0NFrpLjdpNbrU4baFHKCxmCwiN8O3WeHhNT9_hMe8rdMxJE" alt="">
</figure>
However, there has been a steady increase in the number of profitable DOGE wallets. According to data, around 3.6 million or 70% of total addresses are in profit, the highest number in around 2.4 years. This suggests a growing interest in Dogecoin. Analysis suggests that this surge might fuel further increases for Dogecoin in the coming weeks as an increasing ‘hodling’ sentiment will create buying demand.
However, if miners begin another selloff at around $0.1 peak, Dogecoin price might tumble and trigger a decline, delaying hopes of <a href="https://coinpedia.org/price-analysis/dogecoin-holds-key-levels-a-rise-beyond-these-levels-could-trigger-doge-price-rally/" rel="noopener noreferrer nofollow">further increases</a>.
<h2 class="wp-block-heading" id="h-what-s-next-for-doge-price">What’s Next For DOGE Price?</h2>
Dogecoin recently rebounded from the low of $0.91 as buyers showed confidence near the dip. However, the buyers are struggling to push the price over the $0.10 mark. Currently, Dogecoin price is trading at $0.095, surging over 0.9% from yesterday’s rate.
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/cv9n2PLCPKKlCrDSIPSPXQZLHtmYpbEdKdqZFnnRKIWltZz7NLhrHIBlbL1ML_rtjJyIzFXMbZQwtkgGdqph4JRYRhfDoPv1iGPLGq_hBAG_ttwdaZE9B20TYp0Lq1CCF50zQBAEcDFTrt52-n5wGRg" alt="">
</figure>
As of now, sellers are attempting to drive the price below the 20-day EMA. Success in this could intensify selling pressure, potentially leading the DOGE price to drop towards the channel’s support line at $0.9. While this level might offer some support, a breach could see the price declining further to $0.07.
The current upward trend of both moving averages, coupled with the Relative Strength Index (RSI) being in a favorable zone, suggests that buyers have an upper hand. A breakout above the channel’s resistance will send the price toward $0.11. Additionally, a surge above $0.12-$0.14 might send the price to consolidate in a bullish region at $0.2.

Dogecoin Aims For $0.2 As Profitable Addresses Hit 2-Year High! Here’s The Next Level For DOGE Price

목차

CoinPedia News

2023년 12월 16일에 게재된 다른 기사

Arbitrum Network Faces Major Outage, ARB Token Faces 4% Decline

Grayscale eases tax concerns amid Bitcoin ETF hopes

Avalanche (AVAX) Price Adds 400% in Two Months: Details

Solana Flips Ethereum DEX Volume As Saga Mobile Gets Sold Out & BONK Price Rally

Tether Tightens Sanctions, Partners with US Regulators to Fight Crypto Crime

Coinbase Responds To SEC Denial Of Regulations Request – Details

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!