- DOGE rose to trade around the $0.133 price level on the charts
Its price hike has pushed the altcoin into a bull trend
As a seasoned researcher who has witnessed numerous crypto market fluctuations over the years, it is truly fascinating to observe Dogecoin (DOGE) gaining momentum once again. The surge in its price over the past 24 hours is undeniably noteworthy, especially when considering the significant rise in profit-making addresses.
Over the past day, Dogecoin (DOGE) has experienced substantial increases, placing it among the top gainers within the market during this timeframe. Furthermore, this price spike has also resulted in a significant rise in the count of wallets that are now earning profits.
Dogecoin sees significant gains
A study of Dogecoin’s daily price fluctuations showed a substantial boost in value during the most recent trading period.
Based on AMBCrypto’s assessment, Dogecoin experienced a 7.37% increase, raising its value to roughly $0.113. This rise enabled Dogecoin to break through its temporary moving average (represented by the yellow line). Earlier, this line had functioned as immediate resistance near its current price level.
Nevertheless, at the moment of composition, DOGE hadn’t managed to break through this resistance level fully, despite an upward trend. This resistance appears to be more robust near $0.139, as indicated by its long-term moving average (shown in blue).
Moreover, the Relative Strength Index (RSI) of Dogecoin has risen above the neutral threshold for the first time in almost four weeks. Currently, it’s hovering around 55.
Moving above the baseline suggests a bullish market, implying that there’s increasing strength driving prices upward.
More Dogecoin accounts enter profit
Based on information from IntoTheBlock, the recent increase in price has significantly boosted the number of Dogecoin accounts that are currently making a profit. At present, approximately 4.72 million accounts, or about 73.62% of all Dogecoin holders, find themselves in a profitable position.
Approximately 25.04% (or around 1.61 million) holders find themselves in a position where their investments are currently in the red, while another 1.34% have neither gained nor lost any value.
It was found through further examination that if Dogecoin (DOGE) manages to surpass the resistance created by its long-term moving average at approximately $0.139, the proportion of addresses yielding profits might reach about 80%.
If this anticipated increase in profits materializes, it might strengthen investors’ faith even more, potentially causing further demand, thereby increasing the price even more. Overcoming this significant resistance barrier could significantly contribute to Dogecoin’s continued price rise.
DOGE playing catch-up with TON
Currently, as I’m typing this, the data from CoinMarketCap shows that Dogecoin (DOGE) has an estimated market capitalization of about $16.4 billion, ranking it ninth among all cryptocurrencies by market cap. At the moment, Toncoin (TON) is just ahead with a market cap of roughly $17 billion, holding the eighth position.
Due to a recent surge in Dogecoin’s value, there’s a stronger possibility that Dogecoin could move ahead of TON in terms of market capitalization. Nevertheless, for Dogecoin to overtake TON and secure the eighth spot, it must sustain this growth trend and keep drawing investor attention.
Maintaining price increases and a favorable outlook are crucial elements that could help Dogecoin climb higher in the cryptocurrency rankings.
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2024-08-25 07:03