Dogecoinย (DOGE) Long-Term Investors Are Holding Out For More Gains
Pastย week, there were concerns that FTX Exchange would liquidate $42 Million worth of Dogecoinย (DOGE) tokens as part of its bankruptcy proceedings. Nonetheless, official court filings revealed that Dogecoinย (DOGE) was not on the list of FTXโs liquidation assets. Everย since, the price of Dogecoinย (DOGE) has increased from $0.060 to $0.062. On-chain data analysis shows that long-term investors have been holding and increasing their Dogecoinย (DOGE) holdings, while short-term traders have been selling off their coins. This positive sentiment from long-term investors could lead to more gains for Dogecoinย (DOGE) in the future.
The Price Momentum is Shifting Towards the Bullish Territory
Since the court filings, Dogecoinย (DOGE) bulls have gained momentum. The Relative Strength Index (RSI) for Dogecoinย (DOGE) has been trending upwards, indicating a shift from oversold conditions to a more balanced momentum. This impliesย that the market sentiment is becoming more positiveย trend for DOGE. If long-term investors continue to hold their coins and the overall cryptocurrency market sentiment turns positiveย trend, Dogecoinย (DOGE) could see wholeย lotย of gains in the coming weeks.
Dogecoinย (DOGE) Price Prediction: The $0.07 Resistance Could Prove Daunting
Althoughย while Dogecoinย (DOGE) looks set toย win more value when the broader cryptocurrency market becomes positiveย trend, thereย is a major resistance at the $0.07 range. The Worldwide In/Out of the Money Around Price (GIOM) data shows that numerous addresses purchased Dogecoinย (DOGE) at an average price of $0.068. If these holders decide to take profits, itย might trigger a correction in DOGEโs price. Nonetheless, if the resistance level is broken, the bulls mightย propel the price rally towards $0.08. On the other hand, if the price falls below $0.055, thereย is support from addresses that purchased at a maximum price of $0.060.
Hot Take: Dogecoinโs Long-Term Investors and Positive Momentum
Dogecoinย (DOGE) has shown resilience in the face of bearish market conditions, with long-term investors holding and increasing their holdings. This confidence from long-term investors, coupled with the recent court filings that excluded Dogecoinย (DOGE) from FTXโs liquidation assets, has contributed to an upward momentum in DOGEโs price. The Relative Strength Index (RSI) likewise indicates a shift towards a more positiveย trend sentiment. Althoughย while there couldย be resistance at $0.07, breaking this level could lead to further gains for DOGE. Overall, the future looks promising for Dogecoinย (DOGE) as it continuesย to attract positive bets from investors.
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