As a seasoned crypto investor with a penchant for meme coins and a knack for spotting trends, I find myself at a crossroads with Dogecoin (DOGE). Over the past day, its decline of 0.47% has left me intrigued rather than alarmed. The key resistance at the 32.68 billion coin level presents an interesting conundrum: a potential price surge to $0.115 if breached, or a deeper downtrend if not.
Over the last 24 hours, the value of Dogecoin (DOGE) has seen a small dip by approximately 0.47%. Notably, IntoTheBlock indicates that during this descent, Dogecoin has established a significant resistance point at around 32.68 billion coins.
What 32.68 billion resistance means for DOGE
Breaking through this resistance is crucial for DOGE as it might shape future price trends. An increase in trading volume beyond 32.68 billion could potentially drive up the price of DOGE. If DOGE manages to overcome current selling pressure and reach this level, its price may climb to $0.115 over the long term.
Instead of falling, going beneath this critical point might lead to more downward movements for the meme coin. In other words, the recent decrease in Dogecoin’s value isn’t convincing until it surpasses this significant resistance level.
Currently, it’s shown that about 69.41% of Dogecoin holders are not making a profit due to the current price level, a situation known as being “out of the money.” This trend suggests an upward push in selling pressure, which seems to be reflected in Dogecoin’s recent market behavior.
Approximately one third of DOGE address holders are currently experiencing a profit, suggesting they might be less likely to sell and offer a strong support base for the meme currency. Meanwhile, Dogecoin’s trading volume over the past day has decreased by 12%, hinting at a possible shift in trend direction.
Faith in Dogecoin’s recovery
Large “whale” investors’ actions, who are known for holding substantial amounts of Dogecoin, have played a significant role in establishing its current resistance and support prices. Generally, the actions of these major investors tend to exert a greater influence on the coin’s price compared to smaller individual investors.
According to a report by U.Today, significant investors have recently withdrawn approximately $30 million of DOGE from exchanges. This move might suggest that these large investors are planning to keep DOGE for a prolonged period, anticipating a potential price increase in the future. Their actions could lead to price stability in Dogecoin as there would be less pressure to sell, resulting from reduced exchange holdings.
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2024-08-15 18:38