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Bitcoin (BTC) price has rebounded to $66,000, with altcoins also recovering their losses. DOGE is back at $0.16. The tension in the Middle East has not escalated in the last 24 hours, merging with the excitement of the upcoming halving. While it’s still early to be certain of a recovery, current data can give us insights into the future of prices.
Dogecoin (DOGE)
DOGE price has returned to $0.16 and gained 6% in the last 24 hours. The Bitcoin recovery has brought more than 5% gains in altcoins. Cryptocurrencies recovering from lows offer short-term profit opportunities. So, what’s the current situation on the DOGE front?
According to IntoTheBlock data, about 85% of Dogecoin addresses are currently profitable. Current data indicates that the present price has pushed 12% of holders into loss. If a new rise begins, Dogecoin investors might be more patient, and reduced selling pressure could create a favorable environment for new peaks.
Another positive news is the high rate of profitable investors, despite increased withdrawals of DOGE from exchanges. If withdrawals from exchanges to wallets are accelerating, it means investors are less eager to sell and are accumulating. Therefore, the recent drop might have whetted investors’ appetites for medium and long-term goals.
According to data from the last seven days, 110 million more DOGE were withdrawn to wallets than sent to exchanges.
Dogecoin Predictions
On-chain data reveals the trend for DOGE beyond the short-term agenda. For instance, in the last 30 days, the number of wallets holding DOGE balance has reached 6.3 million. The ongoing growth through 2024 reflects confidence in the post-halving period.
On the technical front, although the $0.151 support was breached, DOGE managed to recover after dipping to $0.13. It is now gathering strength above the support level for new highs. If we don’t see heavy sales in the spot Bitcoin ETF channel in the coming hours, the general market sentiment might give in to the excitement of the approaching halving.
The $0.176 level is where the Dogecoin rally could accelerate, and closures above this level will target $0.20. The major barriers before $0.30 are the $0.23 and $0.27 levels.
