Leading Investors Bullish on Dogecoin (DOGE): Is it Time to Join the Trend?

  • Large holders of Dogecoin (DOGE) are on the rise, potentially setting the stage for a price boost.
  • Despite the accumulation, DOGE’s price might face resistance at $0.15.
  • Traders looking to short the coin might get burnt as a recovery might happen quickly.

As large holders of Dogecoin increase, a potential price boost is on the horizon. However, traders should be cautious as the coin’s price might face resistance at $0.15 and a quick recovery could burn those looking to short.

DOGE’s Large Holders Increase

According to data from Santiment, the number of Dogecoin addresses holding between 100,000 and 1 billion coins has increased. This accumulation started around the 2nd of April, indicating a surge in demand for the coin. As demand increases, the price of DOGE is expected to rise. However, this potential price increase does not happen immediately due to possible sell-offs.

DOGE’s Price Resistance and Potential Rally

At the time of writing, DOGE’s price was $0.14— a 28.18% correction in the last 30 days. Despite this, if the number of large addresses scooping the coin at discount prices increases, then Dogecoin might soon begin a rally that takes it back to $0.18. However, traders should be cautious as the coin’s Market Value to Realized Value (MVRV) Z Score, which checks if a cryptocurrency is in a bear or bull phase, is falling. This suggests that the price might come down again, potentially trading at $0.12.

Trading DOGE: What to Consider

For traders considering DOGE, it’s important to analyze the liquidation levels. These levels can provide an idea of a cryptocurrency’s next movement as they show areas of high liquidity and prices where large liquidation levels might occur. According to Hyblock, high liquidity only appeared at $0.15, meaning that it could be challenging for DOGE to reach this price. However, if the price goes lower, then it could be a good entry point.

Conclusion

In conclusion, while large holders of DOGE are on the rise, traders should be cautious due to potential price resistance at $0.15 and the possibility of a quick recovery. However, if the price goes lower, it could present a good entry point for traders. As always, it’s important to analyze various metrics before making a trading decision.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.
spot_imgspot_imgspot_imgspot_img

Latest News

Delaware Supreme Court Greenlights BitGo’s $100M Lawsuit Against Galaxy Digital (GLXY)

<ul> <li>The Delaware Supreme Court has ruled in...

Coinbase (COIN) Seizes Opportunity Amid U.S. Turmoil: New Strategic Move Against SEC

Coinbase seizes the opportunity amidst disagreements between...

Ethereum (ETH) Pectra Upgrade Date Announced: Key Details Revealed!

Ethereum core developers are gearing up for...

Shiba Inu (SHIB) Exec Forecasts Significant Breakthrough, Shedding ‘Shitcoin’ Label

Shiba Inu Marketing Executive has reassured that...
spot_imgspot_imgspot_imgspot_img

PRO Analysis

Dogecoin (DOGE) Address Profitability Soars to 83%: Key Insights and Analysis

Dogecoin (DOGE) might be experiencing an immediate price plunge,...

SHIB, DOGE, BONK, FLOKI Price Analysis for May 25: Key Insights and Trends for Top Meme Coins

<ul> <li>Meme coins are experiencing a rebound after...

Bitcoin (BTC) Price Analysis: Experts Predict Potential Downtrend – What’s Next for BTC?

<ul> <li>Bitcoin (BTC) has experienced a significant drop...

Bitcoin (BTC) Faces Resistance-Induced Pullback: Market Analysis and Future Projections

Bitcoin (BTC) recently touched the $72,000 resistance...
Gideon Wolf
Gideon Wolfhttps://en.coinotag.com/
GideonWolff is a 27-year-old technical analyst and journalist with extensive experience in the cryptocurrency industry. With a focus on technical analysis and news reporting, GideonWolff provides valuable insights on market trends and potential opportunities for both investors and those interested in the world of cryptocurrency.
spot_imgspot_imgspot_imgspot_img

Delaware Supreme Court Greenlights BitGo’s $100M Lawsuit Against Galaxy Digital (GLXY)

<ul> <li>The Delaware Supreme Court has ruled in favor of BitGo by overturning a lower court’s dismissal of the company’s $100 million lawsuit...

Coinbase (COIN) Seizes Opportunity Amid U.S. Turmoil: New Strategic Move Against SEC

Coinbase seizes the opportunity amidst disagreements between the US Congress and the SEC. The US House of Representatives recently passed the...

Ethereum (ETH) Pectra Upgrade Date Announced: Key Details Revealed!

Ethereum core developers are gearing up for the highly anticipated "Pectra" upgrade. This upgrade is set to introduce the Ethereum Virtual...