Dogecoin Analysis: Current Status and Future Predictions - COINTURK NEWS
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Dogecoin Analysis: Current Status and Future Predictions

10:34 am (36 days ago)
August 20, 2023

The negative trend in the price of Bitcoin continues, and the increasing volatility has not yielded positive results for DOGE investors. Today, there are rumors that Kabosu, the mascot of Dogecoin, has passed away, but the owner of the Shiba Inu dog, which is the breed of Shiba Inu, has made a post showing that he is still alive. So, what is the current status of the king of meme coins?

Dogecoin Analysis

The cryptocurrency markets are experiencing significant losses. DOGE investors have faced a loss of approximately 28% in the last 4 days. This decline indicates a strong downward trend, as the previous upward momentum that pushed Dogecoin into a downward trend can no longer be sustained. In addition, the daily MACD indicates a clear downward trend, while the RSI is recovering from oversold levels.

Furthermore, the ongoing formation of the death cross on the daily chart indicates that the downward trend will continue in the short and medium term. If the decline in the price of Bitcoin accelerates again, a journey to $0.5 and below for DOGE is very possible. A series of important developments next week will either lead to a rapid recovery or the continuation of the decline.

Dogecoin (DOGE) Predictions

More than half of the Dogecoin addresses are currently at a loss at the current price. Approximately 56.6% of Dogecoin addresses would incur losses if they were to sell their DOGE tokens at the current market price. The number of Dogecoin addresses continues to show steady growth. In the last 30 days, there have been an average of about 4.81 million addresses holding DOGE. In the past seven days, the number of active addresses on the Dogecoin network has increased by more than 131%.

The ownership distribution of Dogecoin shows encouraging patterns. Individual investors hold more than a third of the total tokens. A group of 74 significant investors, each holding between 0.1% and 1% of the tokens, collectively owns approximately 21.4% of the token supply.

The growth on the on-chain side and the possibility of Elon Musk’s continued support in the long term are the main motivations for DOGE investors. However, it is unlikely that DOGE investors will be happy without seeing an impressive recovery in the price of Bitcoin.

On the daily chart, closing above $0.055 is important for the cessation of declines. To see a recovery in the price, the level of $0.067 will need to be consolidated. In the short and medium term, a move above $0.075 is crucial for the start of a new uptrend.

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