Crypto currency markets are targeting a cumulative value of $2.1 trillion again, which is promising for altcoins. Investors expecting further rises in altcoins have their eyes fixed on the BTC chart, hoping for a weekly close near current levels. As of the time of writing, BTC is above the $51,800 region, which for now seems sufficient.
Dogecoin (DOGE)
Dogecoin miner reserves have fallen below 4.2 billion for the first time since the end of 2013, with a 5.28% reduction in reserves over the last 30 days. This indicates that miners have been selling off their holdings on a massive scale for a long time. During the glorious days of 2021, these reserves were above 12.8 billion. A major sell-off occurred in mid-2022, followed by gradual sales.
Reserves that had dipped to 4.11 billion on February 10 began to recover. Despite the general market optimism, the profit motivation of miners who have been selling at very low prices for a long time could not be sufficiently reduced. Fortunately, their reserves have significantly contracted, and considering the long-term thinkers, we can say that the selling pressure from this front should now ease.
For the DOGE price, we had shared a comprehensive assessment a few hours ago; the key region in the short term is $0.088, and without a weekly close above it, hopes for $0.106 will not flourish. For now, investors need to wait for resistance-breaking closes for further increases.
APE Coin Comments
The metaverse and NFT tokens have struggled to withstand the realities of bear markets, losing significant market value. Moreover, they are still unable to perform above average despite the recent recovery. One of the problems here is the continuous increase in their circulating supply.
SAND Coin is significantly increasing its supply this month, while APE has been doing so gradually with phased unlocking. Although they reached significant peaks on their launch days, the fading excitement in the hyped category and growing circulating supplies have put them in a difficult position.
As of the time this article was prepared, the APE Coin price is above $1.6. However, the rejection from the resistance area of $1.68 and the long upper wick indicate dominant selling pressures. With a possible BTC correction, a return to $1.5 and $1.33 could be seen.
