Bitcoin, the leader of the cryptocurrency market, has surpassed the $37,500 level and is preparing to test the $38,000 level in the next few hours. The lack of any significant decline after the previous test has increased the risk appetite of altcoin investors. Some altcoins like Mina Coin are showing strong buying signals. So what are the expectations for Dogecoin?
After the sales on November 20th, the total reserves of DOGE miners dropped to 4.17 billion. However, in the last 3 days, the reserves have increased to 4.57 billion, returning to the levels at the beginning of November. In the past 7 days, there has been a 5% increase in reserves, and a monthly increase of 1.1% is observed. The reversal of the sales made by miners may continue to drive the price increase.
There is a 120% increase in the number of addresses holding DOGE from 1 day to 1 week. Additionally, there is a 30% increase in the number of addresses holding DOGE for 6-12 months. These two data suggest that investors chasing short-term profits in DOGE may be weakening. The meme coin king is expected to begin a stable rise.
While on-chain data looks positive, what about price expectations in terms of dollars? DOGE is currently considered bullish at $0.077. This level was a region where intense profit-taking occurred in previous weeks. The long tails in the past 2 weeks confirm the increase in the number of holders between 1-7 days. If the price can close above $0.077, it can turn the $0.08 level into support again.
After that, surpassing the $0.084 and $0.087 regions is expected. The ongoing recovery following the recent rapid rebound indicates that a move to $0.1 could be imminent. Of course, this requires Bitcoin to maintain its bullish stance. If the crypto king continues to close below $37,000, it could also weaken these altcoins. Investors are now waiting for the opening of $38,000 after the Binance consensus. If this expectation is met, we will see parabolic rallies in altcoins. Of course, predicting the future is impossible, and assumptions are not news from the future.
