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The fluctuation in the cryptocurrency markets continues, and BTC has started to recover from support again. The price exceeded $37,432 at the time this article was prepared. We are used to seeing BTC’s rapid rises following resistance tests. But what is the latest situation specifically for Dogecoin? What are the current predictions?
Dogecoin’s Bullish Signal
Following the October 9 low, DOGE price increased by approximately 54 percent but is still struggling with the $0.0815 resistance. If the price can surpass this resistance level, it may push its most recent peak around $0.0876 further. The fluctuation in BTC price, in particular, triggers rapid profit-taking in meme coins. Investors who have been struggling with losses for almost 1.5 years have not yet reached the desired levels of risk appetite.
What fuels short and medium-term optimism is the bullish setup on the daily chart. This golden cross is helping to solidify the uptrend. The MACD supports the rise, and on-chain data is positive.
Approximately 63% of Dogecoin addresses have become profitable again. The percentage of those in loss is at 21.5%, and there is a significant increase in the number of addresses holding DOGE. This situation may help investors relax a bit more.
One of the biggest signs supporting the bullish scenario is the abnormally high increase in new addresses throughout the past week. A 341 percent increase in new addresses suggests a surge into the Dogecoin ecosystem. At the same time, there was also a significant increase of approximately 150% in the number of active addresses.
Whale Movements in Dogecoin
Interest in DOGE among large investors is also on the rise. There used to be 73 large wallets that held about 21% of the supply. This number has now increased to 81 large investors, each holding between 0.1% to 1% of the coins. In the new distribution, 21.77% of the supply is in the hands of large investors. Considering the price has been suppressed by whale sales for months, the recent recovery might indicate the start of a rebound from the bottom.
If Bitcoin‘s price, as expected, surpasses $38,000 again, DOGE could realize even greater gains during this period. The first target is the psychological resistance zone of $0.1, and closures above it could bring back the glorious days of the meme coin king.
- Recent DOGE trends show a bullish signal.
- Whale activities suggest increased interest.
- Positive outlook tied to BTC price movements.
