32.68 Billion Dogecoin (DOGE) Resistance to Watch
Release: 2024/08/15 23:22 Reading: 365
Dogecoin Price Analysis
Dogecoin (DOGE) has experienced a slight decline of 0.47% over the past day. Despite this, it has established a crucial resistance level at 32.68 billion coins, as indicated by IntoTheBlock.
Importance of Breaching 32.68 Billion Resistance
Breaking through this resistance is critical for DOGE, as it could shape its future price trajectory. An increase in total volume above 32.68 billion could fuel price gains. If DOGE overcomes current selling pressure and surpasses this level, its price could potentially reach $0.115 in the long term.
Conversely, falling below this resistance could trigger further downtrends. Thus, the current price decline is inconclusive until DOGE crosses this key threshold.
Profitability Analysis
The "in/out of the money" indicator suggests that 69.41% of DOGE holders are currently "out of the money." This reflects increased selling pressure, which aligns with the recent price performance.
However, 30.32% of addresses are still holding DOGE at a profit. These holders may be less likely to sell, providing some support for the meme coin. Additionally, the 24-hour trading volume has decreased by 12%, hinting at a potential reversal on the horizon.
Whales' Activity
Large coin holders, known as "whales," have influenced DOGE's recent price movements. Their activities can have a more significant impact than those of smaller retail investors.
As previously reported by U.Today, large holders recently withdrew $30 million worth of DOGE from exchanges. This indicates their long-term confidence in the coin's future growth. Their reduced exchange holdings could lead to increased stability in DOGE's price due to lower selling pressure.
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