Can Dogecoin holders push past $0.17? Taking a look
Release: 2024/05/29 20:04 Reading: 926
- Original author：AMBCrypto
- Original source：https://ambcrypto.com/?p=395566
Dogecoin Encounters Resistance at Key Demand Zone
Dogecoin (DOGE) has been exhibiting a sideways trend recently. However, its current price point remains at a critical demand level, presenting a potential pivot point for its trajectory.
Resistance in Key Demand Area
AMBCrypto's analysis of Dogecoin's daily timeframe chart indicates that it has fluctuated between gains and losses over the past few weeks. Specifically, it faced resistance between the $0.16 to $0.17 price regions. These levels represent key demand areas where approximately 75,000 wallets acquired nearly 10 billion DOGE, totaling approximately $1.7 billion.
Potential Price Shift
Breaking through this resistance could significantly impact Dogecoin's price trend. At the time of writing, DOGE traded at around $0.17, showing an increase of over 3%. Additionally, the stochastic indicator indicates a recent crossover, suggesting potential upcoming price movements.
Holder Count Remains Steady
Despite the current resistance, the total number of Dogecoin holders has remained relatively flat. The press time price level was a key demand area, but it has not sparked a surge in buying activity. The number of holders has been within the 6.65 million range since May 20.
MVRV Ratio Suggests Profitability
Despite the lackluster price trend, Dogecoin's 30-day Market Value to Realized Value (MVRV) ratio remains positive. As of writing, it was approximately 6.2%, indicating that traders who purchased DOGE within the past 30 days are still in profit, with an average gain of over 6%.
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