Analyst Warns Dogecoin Investors About Potential Decline
Release: 2024/07/18 10:10 Reading: 400
Dogecoin Investors Face Potential Decline
Dogecoin (DOGE) has resumed its downward trend, despite a slight recovery in the past week. Investors may be selling to secure profits or mitigate potential losses amidst a lack of price growth.
Investor Sentiment
DOGE recently exited a rising wedge pattern negatively, tempering hopes of a breakout. The extent of the June decline suggests that the meme coin is struggling to recover.
Growing concerns indicate that investors holding DOGE for the long term may sell for profit. This is supported by an increase in profitable investors within active addresses.
Market Analysis
Currently, only 27% of active DOGE addresses are in profit. The Market Value to Realized Value (MVRV) ratio, which measures investor profitability, is at 8.6%, indicating potential selling pressure.
Historically, MVRV levels between 6% and 20% have signaled a correction for DOGE.
Future Prospects
DOGE is trading at $0.122, with a resistance level at $0.128. Technical analysis suggests a potential 5% rise at this level.
However, the current market sentiment suggests a more distant likelihood of this increase.
Conversely, if DOGE surpasses $0.128, it could face resistance at $0.116. A further decline could occur if this support fails, leading to a potential 17% loss from this week's gains.
In a bullish scenario, a break of resistance at $0.128 could propel the price to $0.130. However, to signal an end to the decline, DOGE must reach $0.142, paving the way for a potential price recovery.
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