- Key resistance point at $0.11 with 31 billion DOGE to be short.
Large holders decrease as price eyes lower liquidity zones.
As a seasoned crypto investor with over a decade of experience under my belt, I’ve seen countless bull and bear markets. The Dogecoin [DOGE] situation is one that has me cautiously watching from the sidelines for now.
Dogecoin [DOGE], the leading memecoin, continues to draw attention from traders and investors.
Although prices have dropped for the last five months, there are some recent advancements before Q4 2024 that create uncertainty about a possible upward trend.
It appears that the trend for Dogecoin has been downward, suggesting possible selling by major investors at specific resistance points.
Based on data from IntoTheBlock, it’s been observed that large investors, or “whales,” have made substantial purchases within the price range of approximately $0.085278 to $0.100710. These whales continue to hold their positions profitably.
keep in mind that a group of sellers exists within the range from $0.101381 to $0.116812, which could potentially obstruct Dogecoin’s price increase.
A significant hurdle for DOGE‘s price increase could be a strong resistance level located around $0.11, where approximately 23,000 wallets are positioned, collectively holding over 31 billion Dogecoins prepared to sell, potentially slowing down the upward trend of DOGE’s price.
DOGE/USDT price action not looking good…
Examining the trend of Dogecoin’s price movements, the current patterns seem to indicate a more likely decline. In the past, the DOGE/USDT exchange rate has often displayed triangular patterns which have preceded significant price increases.
After reaching $0.23 in April 2023, Dogecoin (DOGE) has shown a change in its behavior. Recently, it has been forming triangles, which usually result in falling prices.
The latest refusal at the 11 cents mark suggests there might be additional drops in value. Should the price dip under 9.2 cents, a possible continuation of the downtrend could occur, given substantial short positions held by big investors.
From my perspective as a crypto investor, if DOGE successfully surges beyond its resistance level, it’s crucial for me to reassess the market dynamics to ensure I’m not blindsided by any unexpected price movements.
DOGE liquidation levels
The distribution of Dogecoin (DOGE) liquidation amounts presents a conflicting scenario. A significant amount of around $219,000 in long positions are located above the price point of $0.101, while approximately $195,000 worth of short positions are situated beneath $0.098.
It’s quite probable that the market will trend towards one of these specific zones; at present, there seems to be a stronger inclination leaning towards the area with less trading activity.
Based on recent movements, the potential price level we might see after the decline could be approximately $0.109. This is due to a previous resistance at this price point being encountered.
Holding distribution
Regarding the distribution of Dogecoin ownership, the count of wallets containing over 10 billion DOGE hasn’t changed, whereas the number of wallets with more than 1 billion DOGE has seen a decrease of approximately 2.29%.
This decrease serves as a potential warning (bearish signal) in light of the previously discussed factors. But it’s worth noting that the number of wallets holding over 100 million DOGE has grown by 2.81% – a small increase that might suggest optimism or bullishness.
Read Dogecoin’s [DOGE] Price Prediction 2024–2025
As a researcher, I’ve observed that despite my efforts and those of smaller investors, the substantial control over DOGE‘s price by whale holders remains formidable. Their influence makes it challenging for minor changes in our holdings to effectively offset their impact on the market.
In essence, it’s tough to predict if Dogecoin’s price will keep dropping or rebound, but for now, signs suggest a possible downtrend in the near future.
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2024-09-18 13:12