Limbo Lingers for Dogecoin (DOGE): Power in Whales’ Hands
Dogecoin (DOGE) is facing the challenge of holding onto its bullish $0.10 price prediction as investors turn their attention to new memecoins such as PEPE and DogeElon Mars (ELON). The current price stagnation is believed to be linked to two groups of investors, with one selling off 860 million DOGE and the other purchasing 1.72 billion DOGE. Analysis shows that the cohort that is buying DOGE is the more bullish of the two. The declining Dogecoin Network Value to Transaction Volume ratio is seen as a further indication that DOGE is undervalued, which could spur further bullish movement if other investors mirror the trades of the bullish whales. IntoTheBlock’s Global In/Out of Money data suggests that the next price rally could reach $0.10 if DOGE can clear the initial critical resistance at $0.075. However, profit-taking by investors who bought 44 billion DOGE at the maximum price of $0.075 could trigger a pullback. Nevertheless, the bears could negate the positive price prediction if DOGE retraces unexpectedly below $0.066, triggering a larger drop toward $0.056. Although 470,000 investors who bought 12.2 billion tokens at an average price of $0.066 can offer support, any break of this support level could cause DOGE to fall further. BeInCrypto stresses that this article is for informational purposes only and advises readers to conduct their research and seek professional guidance before making any financial decisions.
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