Dogecoin (DOGE) Is Moving Very Quickly Right Now, as Seen by Its Large Transactions and Overall Volume
- WBOYOriginal
- 2024-07-19 11:51:111095browse
Dogecoin is on the verge of the 5.4 billion level of Active Addresses by Profitability. When crossed, this level will most likely make DOGE
Dogecoin is nearing the 5.4 billion Active Addresses by Profitability level. This level is significant as it indicates that a large number of DOGE holders are in the green. It usually bodes well for the asset’s price, as potential investors are more likely to be attracted to a profitable asset.
On-chain data reveals that DOGE is moving at a rapid pace with large transactions and overall volume. In the last 24 hours, a total of 8.32 billion DOGE in volume and over a thousand large transactions were recorded on-chain. This high level of activity signifies strong investor interest and market liquidity.
A technical analysis of the price chart shows that DOGE has managed to cross several important resistance levels. Currently, prices are hovering around $0.121, indicating that momentum is struggling to sustain itself. However, DOGE is showing resilience by continuing to trade above the crucial 50 EMA support. If it manages to hold above this level, the bullish trend may continue.
For DOGE, three crucial price levels to watch are $0.119, $0.128 and $0.133. The $0.119 level is acting as an immediate floor to prevent further losses. If DOGE manages to maintain this support, it could attempt to cross the next resistance at $0.128. If crossed, DOGE will be able to test the $0.133 level, which is a significant resistance that could push the asset higher if overcome.
Additionally, IntoTheBlock data reveals that 27% of addresses are currently profitable, while 13% are not. This profitability ratio is useful for gauging investor sentiment and potential price movements. Generally, the more addresses that turn profitable, the bullish outlook for DOGE becomes stronger.
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