The king of meme coins, Dogecoin, had its glorious days, but the excitement faded away after Twitter’s sale. However, it is now showing signs of revival. Dogecoin, which is preferred by investors who find high-risk options more attractive, is back on Elon Musk’s agenda. So, what do technical readings tell us?
Dogecoin (DOGE)
In the past six weeks, Dogecoin price has experienced a significant recovery of 40%, resulting in more than half of all DOGE addresses becoming profitable. This has been the most notable aspect of Dogecoin in previous periods. There were massive investor groups that managed to protect their losses since the SNL Show disaster. The fact that such large groups were incurring losses was due to the demand being met with profit-taking. Now, with the threshold of 50% being surpassed, long-term DOGE investors are even more relieved.
Active addresses have increased by approximately 22.3% in the last seven days. Additionally, new addresses have shown a significant increase of about 53.28%. The sentiment on Telegram continues to be largely positive, with 469 positive messages and 74 negative messages. However, it should be noted that the number of members in the Dogecoin group on Telegram is decreasing.
The distribution of Dogecoin ownership is encouraging; small investors hold more than a third of the tokens, while approximately 20% of the token supply is held by 68 major investors. These large investors, categorized as addresses holding 0.1% to 1% of the Dogecoin supply, make up about 45% of the total tokens and are spread across ten addresses. On the other hand, whales are addresses that hold more than 1% of the total Dogecoin supply, accounting for approximately 45% of the total supply. Currently, the majority of Dogecoin addresses, about 55%, are in a profitable position.
Approximately 36% of addresses would incur losses if they were to sell their Dogecoin tokens at the current market price, while approximately 9.4% are at the breakeven point.
DOGE Coin Price Chart Analysis
In the short term, the price seems to have stopped rising as it failed to hold above $0.075. If the support at $0.07 is successfully defended by the bulls, the price could ignite the rockets for another higher peak. Elon Musk, who shared about DOGE twice in July, failed to trigger a larger rally. Considering the lack of volume in the market, this is not surprising.
If it can maintain above $0.075, the DOGE price could reach $0.079 and $0.083, followed by $0.1.
