During the last 24 hours, Dogecoin (DOGE) has been on a wild ride, proving to be among the best performers within the crypto market. This motion is here to remain, as there was a large swell in addresses turning profits.
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Although a forecast by CoinCodex suggests DOGE might even see a dip of roughly 14% by the top of September, that has done nothing to dull investor enthusiasm. This, the truth is, for a lot of tells one more twist in Dogecoin’s quite unpredictable journey.
On the time of writing, DOGE was trading at $0.1083, down 3.6% within the last 24 hours, but sustained a 9% rally within the last week, data from Coingecko shows.
More Addresses Turn Profitable
In its entirety, this latest price rally has seen 73% of Dogecoin addresses turn “in-the-money.” That amounts to 4.72 million addresses currently realizing gains.
On the other side, there are 1.61 million addresses, which accounts for 25.04%, which remains to be within the red. There’s also a small percentageᅳ1.34%ᅳthat are breaking even.
But here’s the really interesting part: many analysts argue that just in case DOGE conquers the resistance at $0.139, the variety of profitable addresses will surge to 80%. That is important because it could trigger confidence amongst investors, resulting in more buy-ins and, arguably, higher prices.
Source: IntoTheBlock
Whales Aren’t Nervous
With talks of a possible price drop at play, whalesᅳthe big players within the Dogecoin marketᅳare not too distant to get bothered.
What the info from Santiment further revealed is that such large holders are, the truth is, piling on to their positions in DOGE. Those holding between 100,000 to 1 million DOGE represent 6.14% of the full supply.
Those holding between 10 million to 100 million DOGE have also been locking of their stash and now represent 12.92% of the provision at press time.
This accumulation in a set manner reveals a whale community poised to play the long game, ignoring short-term fluctuations while betting on Dogecoin of their portfolio.
DOGE is currently trading at $0.108. Chart: TradingView
Importance Of $0.139
Dogecoin needs to achieve strength above $0.139 so as to make a very important step within the direction of a notable change. The extent is coming from a long-term moving average, and what’s quite interesting, it is sort of tricky: as a matter of fact, it had statistically played as tough long-term resistance for DOGE.
Indeed, if that level is surpassed, a giant rise is present in profitable addresses. This, in turn, could fuel further buying pressure, pushing the value even higher.
If, conversely, DOGE fails to rise above this critical level, the expected dip could materialize, resulting in a period of consolidation.
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Mixed Sentiments Ahead
So, what’s next for Dogecoin? The sentiment is a little bit of a mixed bag. The Fear & Greed Index currently stands at 54- neutral, which shows that the market doesn’t incubate extreme fear or overwhelming greed.
DOGE price forecast. Source: CoinCodex
During the last 30 days, DOGE has had 33% green days, which implies there may be activity within the marketᅳnot hot, but not less than it’s not stagnant. Enough movement is occurring to maintain things interesting.
All in all, Dogecoin probably will remain as unpredictable as at all times. The whales imagine within the long-term potential and the rise in profitable addresses. But with a possible dip on the horizon, caution stays the secret.
If long-term holders and short-term traders share anything in common, it’s going to be that evidently Dogecoin will probably be a coin that over the weeks to return you can not afford not to look at very fastidiously.
Featured image from Screen Rant, chart from TradingView