Dogecoin Experiences Noticeable Increase in Stock-to-Flow Ratio
Release: 2024/08/20 05:04 Reading: 888
Dogecoin's Stock-to-Flow Ratio Rises, Signaling Potential Price Rally
Between August 18 and 19, Dogecoin's (DOGE) stock-to-flow ratio witnessed a significant increase, attracting market attention. This shift marked a deviation from the recent downtrend experienced by the meme coin. At the time of writing, DOGE trades at $0.1007, down about 40% in the last 90 days. However, analysts speculate that a price recovery may be imminent.
Stock-to-Flow Ratio: A Measure of Supply Scarcity
The stock-to-flow ratio measures the scarcity of a cryptocurrency's circulating supply. A decrease in this ratio suggests high inflation and potential price declines.
According to Santiment, Dogecoin's stock-to-flow ratio reached an all-time high of 69.25. This surge is seen as a positive indicator for DOGE's price as it points to a supply squeeze.
Supply Squeeze and Increased Activity
A supply squeeze occurs when demand surpasses supply during a period of scarcity. Analysts believe that based on the stock-to-flow metric, DOGE's price could experience a significant rise in the coming weeks.
Furthermore, both active and new addresses on the Dogecoin network have increased since last week, supporting the theory that the coin's price may rebound from its recent downturn.
Technical Analysis: Resistance and Support Levels
Dogecoin's Global In/Out of Money (GIOM) indicator suggests that over 1 million addresses purchased 11 billion DOGE at a maximum price of $0.098. The accumulation between $0.12 and $0.15 also indicates a potential resistance point.
If buying pressure persists, DOGE could break through these resistance levels and approach $0.15, representing a potential increase of approximately 50%. Conversely, if the trend remains downward, DOGE's price may drop to $0.088.
This news was originally reported by COINTURK NEWS: Dogecoin Experiences Noticeable Increase in Stock-to-Flow Ratio
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