Dogecoin Price Steadily Resumes Uptrend With 72.5% Addresses In Profit
Release: 2024/08/22 21:06 Reading: 910
Dogecoin and Major Cryptocurrencies Poised for Surge Ahead of Jackson Hole Symposium
Dogecoin (DOGE) and other prominent cryptocurrencies are gearing up for a notable rally before the end of August. This anticipation stems from the imminent Jackson Hole Symposium in Wyoming, where investors expect Jerome Powell, the Fed Chair, to emphasize the central bank's commitment to lowering interest rates beginning in September.
Dogecoin Market Movers: Bullish Sentiment Among Holders and Whales
Dogecoin's price has found support above $0.1, as Bitcoin approaches resistance at $62,000. IntoTheBlock data reveals that approximately 72.5% of Dogecoin addresses are profitable, indicating a strong fundamental base.
Whales Accumulating DOGE
Despite the recent dip in DOGE's price, whales remain unyielding, demonstrating increasing demand for the cryptocurrency. Santiment data shows that holders with substantial token amounts (100,000 to 1 million and 10 million to 100 million) have accumulated more DOGE, holding 6.14% and 12.92% of the total supply, respectively.
DOGE Price Analysis: A Potential 71.5% Surge
After defending $0.1 support, Dogecoin has consolidated below $0.11 resistance. However, recent gains suggest a continuation of the uptrend. The 20-day EMA provides short-term support, while the MACD indicator signals a buy opportunity.
A breakout of the 50-day EMA at $0.1137 could trigger a falling wedge pattern breakout. Measuring the distance between previous price swings and applying it to the breakout point yields a potential target of $0.2, indicating a 71.5% breakout.
Trading Considerations
Traders should remain cautious and prepare for potential resistance at the 50-day and 200-day EMAs, as well as at $0.14 and $0.18. Additionally, the GIOM model highlights a region at $0.125 where a potential correction may arise.
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