2024-4-23 12:00 |
Dogecoin’s (DOGE) price hints at the potential upside and the chances of initiating an uptrend are significantly high.
This is primarily due to the greed of the investors, as billions of dollars worth of DOGE are at the cusp of becoming profitable.
Dogecoin Investors See GainsDogecoin’s price, trading at $0.159 at the time of writing, is observing considerable room for growth supported by its investors. The primary reason behind this motivation is the 9.91 billion DOGE sitting in the hands of DOGE holders.
This supply worth over $1.56 billion was bought between $0.151 and $0.168. Currently, DOGE is merely 6% below the upper limit of this range, and doing so would mean that this supply has become profitable.
Dogecoin GIOM. Source: IntoTheBlockFor now, this will keep investors pushing towards a rise and keep them away from selling.
Read More: Dogecoin (DOGE) vs Shiba Inu (SHIB): What’s the Difference?
Further backing this sentiment is the Market Value to Realized Value (MVRV) ratio of Dogecoin. MVRV is used to assess the overall profits and losses borne by the investors. Given that DOGE’s 30-day MVRV is at -14%, investors face a monthly loss.
But this is also a bullish signal since values between -7% and -19% signal restraint against selling. DOGE holders would prefer to accumulate at such low prices to make a profit in the future. Consequently, Dogecoin’s price will also grow, labeling this area the opportunity zone.
Dogecoin MVRV Ratio. Source: SantimentThus, all signs point towards a potential price rally next.
DOGE Price Prediction: Expect This PriceDogecoin’s price currently faces two major barriers at $0.168 and $0.182. The former marks the upper limit of the aforementioned supply, and crossing it could initiate a recovery rally for DOGE.
This is the likely outcome since investors would push on until they see profits. Flipping $0.168 will trigger a rally, potentially sending the meme coin to $0.182, which could enable additional gains.
DOGE/USDT 6-hour chart. Source: TradingViewRead More: Dogecoin (DOGE) Price Prediction 2024/2025/2030
But if the altcoin fails to breach $0.168 and ends up declining and losing the support of $0.151, the bullish thesis would be invalidated. The $1.5 billion worth of DOGE would also turn loss-bearing, leaving Dogecoin’s price vulnerable to further correction.
The post Dogecoin Update: What 10 Billion DOGE Nearing Profits Means for Holders appeared first on BeInCrypto.
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