As a seasoned crypto investor with a knack for spotting trends and a keen eye for technical analysis, I find the current Dogecoin (DOGE) market dynamics quite promising. With over seven years of experience under my belt, I’ve learned to read between the lines when it comes to market movements.
By the close of August, it’s expected that both Dogecoin (DOGE) prices and significant cryptocurrencies may witness a substantial rise due to an increase in liquidity before the annual Jackson Hole Symposium in Wyoming. Investors anticipate that Jerome Powell, as Fed Chair, will reinforce the central bank’s intention to lower interest rates from September onwards and provide insights into the broader economic policy.
Dogecoin Price Market Movers: 72.5% Holders In Profit and Whales Growing Interest
- Dogecoin price anchored the uptrend above $0.1 support as Bitcoin bulls put pressure on $62,000 resistance on Thursday. The largest meme coin seems fundamentally grounded, with IntoTheBlock’s IOMAP data revealing that approximately 72.5% of all network addresses are profitable. This totals 4.65 million addresses, while 25.63% or 1.64 million addresses are out of the money.
- According to Santiment, whales were unfazed by the decline in DOGE price as holder patterns trended higher. The supply distribution metric reflects the increasing demand for Dogecoin, especially among holders with between 100,000 and 1 million tokens. This whale cohort accounts for 6.14% of the total supply. Addresses holding between 10 million and 100 million DOGE also topped up their balances to have 12.92% of the supply. Despite Dogecoin price underperforming since March, this consistent interest among whales points to a significantly bullish future.
DOGE Price Analysis: DOGE Could Rise 71.5%
Following strong defense at the $0.1 mark from early August, Dogecoin’s price has been holding steady below the $0.11 resistance level. Yet, a 2.8% increase over the past day suggests an extended upward momentum. The temporary support offered by the 20-day Exponential Moving Average (EMA) bolsters the resurgence of the bullish trend.
The Moving Average Convergence Divergence (MACD) hints at a purchase opportunity for traders, as it displays a buy signal for DOGE. If the 50-day Exponential Moving Average (EMA) resistance at $0.1137 is broken, it strengthens the likelihood of a breakout from the potential falling wedge pattern.
After Dogecoin’s correction from its peak in March at $0.2288, it touched two successive lower lows and three consecutive lower highs, which, when connected with trendlines, form a descending triangle pattern known as a falling wedge. This pattern becomes more evident when DOGE breaks above the resistance of this trend line, potentially paving the way for a 71.5% surge to close the price gap and reach $0.2.
As a crypto investor, I set my targets by calculating the gap between the initial swing high and low, then adding that to the breakout point. To manage risk, I position my stop losses beneath the trendline.
Predictions for DOGE‘s price suggest that traders should stay alert and be ready for various outcomes, keeping an eye on potential hold-ups at the 50-day and 200-day Exponential Moving Averages (EMAs). Additionally, there are other points that could disrupt the upward trend, such as the supply level at approximately $0.14 and around $0.18.
Focusing on the GIOM model’s indicated point at 0.125, it’s worth noting that approximately 357,120 individuals bought around 46,310,000,000 DOGE here. Given this significant transaction, traders should consider the possibility of a potential correction originating from this area. Some investors might sell their holdings at breakeven points, which could increase selling pressure and strain the market overhead.
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2024-08-22 16:12