- DOGE has hit resistance in a key demand area.
The DOGE acquired in this key demand area was worth over $1 billion.
As a seasoned crypto investor with several years of experience under my belt, I have seen Dogecoin [DOGE] go through its fair share of price swings and trends. The latest development in the DOGE market has piqued my interest due to its potential impact on my investment portfolio.
Dogecoin [DOGE] has been trending without any significant changes in the past few days.
The current price level is crucial for demand, with a potential shift in prices indicated by any upward or downward movement. Could you please tell me how the number of holders has fluctuated around this price range?
Dogecoin hitting resistance in key demand area
Based on an examination by AMBCrypto of Dogecoin’s daily chart, the cryptocurrency has displayed frequent shifts between price increases and decreases over the recent past.
On the 25th of May, I observed that Dogecoin underwent a noteworthy growth spurt, with its value climbing by a substantial 6.18%. Consequently, this led to a price hike from around $0.16 to roughly $0.17.
However, this gain was short-lived, as the price fell by 4.50%, returning to the $0.16 range.
At the price levels of around $0.16 to $0.17, AMBCrypto identified emerging resistance. These regions hold significance as they also serve as key demand areas. Approximately 75,000 wallets obtained approximately 10 billion DOGE units during this period.
As a researcher observing the cryptocurrency market, I’ve calculated that DOGE is currently valued at approximately $1.7 billion given its price point. Overcoming this resistance level might result in noticeable price fluctuations.
At the present moment, the value of DOGE in trade is approximately $0.17. This represents a rise of more than 3% compared to previous periods. Furthermore, an important signal has emerged from the stochastic indicator: a crossover event has occurred, which may foreshadow future price fluctuations.
Total number of Dogecoin holders stays steady
At the current price where Dogecoin is being pressed for sale, it serves as a significant demand point. However, there seems to be a lack of enthusiasm among traders to buy Dogecoin at this price point.
As a researcher studying the Dogecoin community, I’ve observed that the count of Dogecoin holders has stayed relatively stable over the last several days. Furthermore, if we delve deeper into the past, the expansion of new holders has been insignificant.
As a data analyst, I’d interpret that based on Santiment’s report, the total count of holders remained constant at approximately 6.65 million since May 20th.
The number of holders has remained within this threshold for several months.
The DOGE 30-day MVRV
In the face of Dogecoin’s disappointing price performance over the past month, its Market Value to Realized Value (MVRV) ratio still showed a positive result.
As of now, the MVRV (Market Value to Realized Value) ratio for Dogecoin was around 6.2%, keeping it above the zero threshold since May 20th. This implies that investors who purchased DOGE during this timeframe have experienced an average profit of over 6%.
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2024-05-29 15:36