Dogecoin (DOGE) Price Rebounds: Whales Enter, What's Next?Dogecoin (DOGE) successfully defended the key support level of $0.15 this week and experienced an uptrend in the past 24 hours, signaling a potential bullish run for DOGE
Dogecoin (DOGE) Price Rebounds: Whales Enter, What's Next?
Dogecoin (DOGE) successfully defended the key support level of $0.15 this week and experienced an uptrend in the past 24 hours, signaling a potential bullish run for DOGE. While investors might be inclined to take profits, there is still room for upside potential in DOGE.
Whales Entering the Market, Fueling DOGE Price Surge
The Dogecoin price rebound is not a coincidence, as whales are behind the wheel. To ensure a sustained recovery and further upside, whales are actively participating in the market. This is evident from the significant increase in the DOGE supply over the past week. Data shows that addresses holding 10 million to 100 million DOGE have accumulated over 500 million DOGE in the past week, worth $77 million, bringing their total holdings to 17.57 billion DOGE. This move indicates whales' confidence in the future price trajectory of DOGE, opting to hold rather than sell.
Declining Network Engagement, A Sell Signal?
Despite the positive signals from whale activity, a decline in DOGE network engagement has sparked concerns about a potential sell signal. Over the past two months, the number of active addresses on the DOGE network has dropped from 67,000 to 52,000, a decrease of 22.3%. This phenomenon is primarily attributed to a lack of incentives, as price increases are typically accompanied by increased network engagement.
DOGE Holders on the Sidelines, Awaiting a Break Above $0.16
Although the decline in network engagement suggests a sell signal, DOGE holders are not in a rush to sell, for now. They are waiting for DOGE to break through the resistance level of $0.16. Once broken, they can secure profits.
DOGE Price Prediction: Hopeful Future
DOGE is currently trading at $0.15, above the crucial support level of $0.15, after successfully breaking free from the death cross last week. The death cross occurs when the 200-day Exponential Moving Average (EMA) crosses below the 50-day EMA, a bearish signal that usually leads to price declines. However, after escaping the death cross, DOGE is showing signs of rebound, aiming to break through the resistance level of $0.17. Once it breaks through $0.17 and establishes it as a new support level, DOGE will reach the monthly high, offering opportunities for investors to profit.
Risk Warning: Be Aware of Potential Downside
Of course, DOGE price is also facing the risk of a decline. If DOGE loses the support level of $0.15, the consolidation downtrend will continue. If DOGE further falls below the support level of $0.14 and reaches $0.12, it will invalidate DOGE's bullish trend.
Summary: Positive Outlook for DOGE, but Caution Needed
In conclusion, DOGE has recently experienced a rebound, with whale activity being a major driving force. While declining network engagement has raised some sell signals, DOGE holders are currently waiting for a break above $0.16 to secure profits. In the future, DOGE still has upside potential, but investors need to be cautious about potential downside risks.
Here are some factors that could impact DOGE price:
- Market Sentiment: Market sentiment has a significant impact on cryptocurrency prices. If market sentiment is optimistic, DOGE prices could rise. Conversely, if market sentiment is pessimistic, DOGE prices could fall.
- Regulatory Policies: Government regulations on cryptocurrencies are constantly changing around the world. If regulatory policies are unfavorable to DOGE, its price could be negatively affected.
- Technological Developments: Technological developments in DOGE will also affect its price. If DOGE launches new features or technologies, its price could rise.
- Competitors: DOGE faces competition from other cryptocurrencies. If competitors achieve success, DOGE's price could be affected.
Disclaimer: This information is for informational purposes only and does not constitute investment advice. Investing involves risk, and you should do your own research before making any investment decisions.
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