Dogecoin Price Shows Upwards Trend as Large Numbers of Holders Reap Massive Profits
Dogecoin (DOGE) and other major cryptocurrencies are expected to experience a significant uptrend by the end of August with increased liquidity in anticipation of the annual Jackson Hole Symposium in Wyoming. Investors are hopeful that Jerome Powell, the Fed Chair, will reaffirm the central bank’s commitment to lowering interest rates starting in September and provide an overview of the general economic policy.
Dogecoin Profits Mover Amid Whales Activity
On the Dogecoin front, it’s noteworthy that the price has held above the $0.1 support, indicating strong support. Approximately 72.5% of all network addresses are currently in a profitable position, amounting to 4.65 million addresses, while 25.63% or 1.64 million addresses are in a loss-making position. Whales, or large holders, have shown sustained interest in Dogecoin, with an increasing demand observed among holders with significant token holdings.
After hovering below the $0.11 resistance, Dogecoin has seen a 2.8% increase in the last 24 hours, signalling a potential upward movement. The Moving Average Convergence Divergence (MACD) indicator is giving a buy signal, indicating a bullish trend for DOGE.
Price Action and Trends
Technically, Dogecoin has formed a falling wedge pattern, which could lead to a breakout and a potential 71.5% increase to reach $0.2. Traders are advised to remain cautious and prepare for all possible scenarios, considering potential resistance at the 50-day and 200-day EMAs. Additionally, levels at $0.14 and around $0.18 pose threats to the rally.
Dogecoin GIOM Model
There are significant volume and attention around the $0.125 mark, where 357.12k addresses purchased 46.31 billion DOGE. However, traders should be aware of the potential for a correction in this region due to breakeven selling pressure from some holders, which could intensify overhead pressure.
Read Also: U.S. VP Kamala Harris Faces Criticism For Tax Proposal and Controversial Pro-Crypto Stance
Follow us on Twitter, Facebook, Telegram, and Google News
Tosin Matthew is a dynamic figure in the crypto sphere, blending content creation with astute analysis. With a sharp eye for market trends and a passion for blockchain technology, Tosin delivers insightful content that educates and empowers. Trusted by audiences for expert guidance in navigating the complexities of cryptocurrency.
