Analyst Warns Dogecoin Investors
Release: 2024/07/18 10:11 Reading: 239
,Analyst Warns Dogecoin Investors
Dogecoin (DOGE) prices have entered a downtrend in the last 1-2 days, despite a brief rise the previous week. This volatility may indicate that investors are selling to mitigate potential losses or secure modest profits.
Will Dogecoin Investors Sell?
Dogecoin recently broke below a rising wedge pattern, despite a surge that had raised hopes of a breakout. However, a significant drop in June suggests that the meme coin has not achieved the expected recovery. Consequently, there is speculation that long-term DOGE investors may consider selling to realize gains. Increased profitability among active addresses supports this view.
Currently, only 27% of active DOGE addresses are in profit, indicating a challenging market. The Market Value to Realized Value (MVRV) ratio aligns with this outlook, as a 30-day MVRV of 8.6% could trigger selling pressure. Historically, MVRV levels between 6% and 20% have often led to corrections in DOGE prices.
What Lies Ahead for DOGE?
Dogecoin is trading at $0.122 and targeting $0.128. Achieving this would represent a 5% price increase. However, current market conditions suggest that such a rise may be difficult. Conversely, if DOGE reaches $0.128 but fails to hold, it could drop to $0.116 or even $0.105, erasing the 17% weekly gains.
Key Insights for Investors
Investors should note:
- The 30-day MVRV ratio indicates potential selling pressure at 8.6%.
- Only 27% of active DOGE addresses are currently profitable.
- Historical MVRV levels between 6% and 20% have often signaled corrections.
- Support levels to watch are $0.116 and $0.105.
- Breaking above $0.142 could indicate the end of the downtrend.
In an optimistic scenario, breaking past resistance could push DOGE to $0.130. However, to confirm the end of the downtrend, the price needs to reach $0.142, potentially signaling a new price trajectory.
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