As a seasoned researcher with a background in cryptocurrency analysis, I’ve seen my fair share of market volatility. But even I find it hard to keep up with Dogecoin (DOGE)! Over the past 24 hours, its wild ride has been one for the books, making it one of the top performers in the crypto market.
Over the past day, I’ve observed an exhilarating journey with Dogecoin (DOGE). It stands out as one of the top performers in the cryptocurrency market, and I believe this upward trend is sustainable given the significant surge in profit-making addresses.
Despite predictions by CoinCodex indicating a potential drop of around 14% for DOGE by the end of September, this hasn’t dampened the excitement among investors. Instead, it serves as an exciting turn in Dogecoin’s rollercoaster-like trajectory.
Currently, Dogecoin is being exchanged for approximately $0.1083, representing a decrease of 3.6% over the past day. However, it has seen a substantial increase of around 9% over the last seven days, according to information from CoinGecko.
More Addresses Turn Profitable
As a crypto investor, I’ve noticed an interesting development in the recent price surge of Dogecoin. Specifically, approximately 73% of all Dogecoin wallets are now showing profits, translating to around 4.72 million wallets benefiting from this rally.
Conversely, approximately 1.61 million addresses represent 25.04%, and they’re still in the negative. Additionally, about 1.34% of these addresses are at a neutral point, meaning they’ve broken even.
However, here’s an intriguing point: numerous analysts suggest that if DOGE manages to break through the resistance at $0.139, a substantial 80% increase in profitable addresses could occur. This increase would boost investor confidence, encouraging more purchases and potentially leading to price increases.
Whales Aren’t Worried
As a crypto investor, I can’t help but feel a sense of unease with whispers of a potential price decrease on the horizon. Even the influential whales, who dominate the Dogecoin market, might soon start feeling the tremors.
According to Santiment’s findings, it was observed that substantial investors are indeed accumulating more Dogecoin. Specifically, those who hold between 100,000 and 1 million Dogecoins make up approximately 6.14% of the entire coin supply.
Individuals who currently possess Dogecoin (DOGE) amounting from 10 million up to 100 million units have been securing their assets, and they collectively account for approximately 12.92% of the total Dogecoin supply as we speak.
As a seasoned investor with decades of experience under my belt, I have learned that patience is key when it comes to building wealth. Over the years, I’ve seen countless individuals rush into investments based on short-term trends or hype, only to regret their decisions later. That’s why I admire the whale community’s approach to investing in Dogecoin.
Importance Of $0.139
For Dogecoin to take a significant stride towards substantial change, it needs to surpass the $0.139 mark, which represents a long-term moving average and has historically functioned as a strong resistance level. In other words, reaching above $0.139 could prove challenging due to its statistical history.
If the given level is exceeded, there’s a substantial increase in profitable wallets. This surge might then trigger more purchasing demand, potentially causing the price to climb even further.
If DOGE doesn’t manage to surpass this significant threshold, there might be a potential drop instead, resulting in a phase of stability or sideways movement.
Mixed Sentiments Ahead
Moving forward with Dogecoin, it seems we’re in a somewhat ambiguous situation. At present, the Fear & Greed Index reads 54, suggesting neither intense fear nor excessive excitement in the market – a sign of neutrality.
For the past month, Dogecoin (DOGE) has experienced active trading days approximately 33% of the time. This activity level suggests that while the market isn’t particularly heated, it’s definitely not stuck in a rut either. There’s enough movement to keep things engaging.
In summary, Dogecoin is likely to continue being volatile, much like it has been in the past. While large investors (whales) see its long-term potential and increasing number of profitable accounts, there’s a possible downturn ahead, making prudence crucial.
Regarding Dogecoin, both long-term investors and short-term traders should pay close attention to its movement over the coming weeks, as it seems crucial for both groups.
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2024-08-25 13:35