Dogecoin Next Move: Will $0.055 Launch A Recovery Phase?
19 Outubro 2023 - 7:00AM
NEWSBTC
Dogecoin (DOGE) has found itself in a precarious position, with its
price being squeezed into a narrow range, hinting at a potential
decisive breakout in the near future. Market analysts closely
monitor the crypto’s struggle to breach a longstanding resistance
trendline, as an upside breakout could trigger a fresh rally, while
a continuation of the current stalemate may lead to a further
decline. Earlier this week, DOGE encountered its fifth rejection
from a persistent resistance trendline that has thwarted its upward
momentum. The rejection left its mark on the daily candlestick
chart, characterized by a prominent high wick, indicative of
aggressive overhead supply. Historical data reveals that such
patterns often precede significant corrections in the
cryptocurrency market. Related Reading: Bitcoin SV Climbs 22% – A
Close Look At The Factors Behind The Surge The current price of
DOGE, according to CoinGecko, stands at $0.058295, with a 24-hour
dip of 1.5% and a minor seven-day loss of 0.1%. DOGE
seven-day price action. Source: Coingecko In the event that the
prevailing selling pressure continues, there is a high probability
that the value of the coin will see a further decline of
approximately 4-5%. This decline may potentially lead to a
reevaluation of the annual support trendline, with a projected
value of approximately $0.055. Presently, the price of this
memecoin is situated inside the confines of two prominent
trendlines, indicating an impending occurrence of either a
definitive upward surge or a downward decline. Dogecoin: Glimpse Of
Hope Amidst Mixed Data Despite the gloomy price outlook, there is a
glimmer of hope for DOGE enthusiasts. The report also predicts that
if the coin manages to sustain a breakout above the resistance
trendline, investors could witness a sharp 16.8% surge, targeting
the $0.068 level. This possibility is poised to keep traders and
investors on the edge of their seats. On the other hand, data from
IntoTheBlock reveals some intriguing insights into DOGE’s current
state. It’s been found that a significant portion of DOGE
addresses, specifically 61%, are currently at a loss. Source:
IntoTheBlock A deeper dive into the data exposes the fact that only
31% of the total DOGE holders are in profit, highlighting the
challenging landscape for DOGE investors. An additional 10% of
holders remain in a neutral position, while a substantial 59% of
Dogecoin holders find themselves in a losing position. DOGE’s
Silver Lining One silver lining in this scenario is the fact that
72% of DOGE holders have maintained their positions for over a
year, signifying a strong commitment to the digital asset. A
further 26% of holders have held DOGE for a duration ranging from
one month to 12 months, while 2% of holders have relatively
shorter-term positions, spanning less than a month. DOGE market cap
currently at $6.8 billion. Chart: TradingView.com As the Dogecoin
community eagerly awaits the impending breakout or breakdown, the
cryptocurrency market remains a dynamic and uncertain space, where
opportunities and risks are constantly shifting. Related Reading:
Will Cardano Slide To $0.20? What Awaits ADA Investors This Week
(This site’s content should not be construed as investment advice.
Investing involves risk. When you invest, your capital is subject
to risk). Featured image from MarketWatch
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