Dogecoin Price Steadily Resumes Uptrend With 72.5% Addresses In Profit

Dogecoin (DOGE) price and major cryptocurrencies are poised for significant upward movement before the end of August as liquidity increases in anticipation of the annual Jackson Hole Symposium in Wyoming. Investors expect Jerome Powell, the Fed Chair, to affirm the central bank’s commitment to bringing down interest rates starting in September and lay out the general economy policy.

Dogecoin Price Market Movers: 72.5% Holders In Profit and Whales Growing Interest

• Dogecoin price anchored the uptrend above $0.1 support as Bitcoin bulls put pressure on $62,000 resistance on Thursday. The largest meme coin seems fundamentally grounded, with IntoTheBlock’s IOMAP data revealing that approximately 72.5% of all network addresses are profitable. This totals 4.65 million addresses, while 25.63% or 1.64 million addresses are out of the money.

• According to Santiment, whales were unfazed by the decline in DOGE price as holder patterns trended higher. The supply distribution metric reflects the increasing demand for Dogecoin, especially among holders with between 100,000 and 1 million tokens. This whale cohort accounts for 6.14% of the total supply. Addresses holding between 10 million and 100 million DOGE also topped up their balances to have 12.92% of the supply. Despite Dogecoin price underperforming since March, this consistent interest among whales points to a significantly bullish future.

DOGE Price Analysis: DOGE Could Rise 71.5%

After defending support at $0.1 from early August, Dogecoin price consolidated below $0.11 resistance. However, a 2.8% rise in the last 24 hours promises an extended leg up. Short-term support provided by the 20-day Exponential Moving Average (EMA) reinforces the renewed bullish trend.

The Moving Average Convergence Divergence (MACD) indicator flaunts a buy signal, encouraging traders to buy DOGE. A breach of the 50-day EMA resistance at $0.1137 will increase the probability of a falling wedge pattern breakout.

As Dogecoin price corrected from its March peak of $0.2288, it hit two higher lows and three higher lower lows. Using trendlines to connect these price points forms a falling wedge. The pattern is validated when DOGE breaks above the trend line resistance, ahead of a potential 71.5% breakout to close the gap to $0.2.

The target is determined by measuring the distance between the first swing high and low and appended to the breakout point. Traders place a stop loss below the trendline for risk management.

DOGE price forecast calls on traders to be vigilant and prepare for all scenarios, considering possible delays at the 50-day and 200-day EMAs. Other levels threatening the rally include the supply at $0.14 and around $0.18.

With the GIOM model showing volume, attention is directed to the area at $0.125, where 357.12k addressee purchased 46.31 billion DOGE. Traders cannot rule out a potential correction from this region as some holders could sell a breakeven, thus intensifying overhead pressure.

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John Isige

John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.