As the fluctuations in the cryptocurrency markets continue, BTC has started to recover from support and at the time of writing, the price surpassed $37,432. Dogecoin (DOGE) is struggling with resistance at $0.0815 and if it can overcome this level, it could challenge its nearest peak of $0.0876. The fluctuations in the price of BTC, especially trigger quick profit-taking in meme coins, and investors who have been struggling with losses for a year and a half have not yet reached their desired risk appetite.
The golden cross, a bullish pattern on the daily chart, supports short and medium-term optimism and helps to lift prices. While the MACD indicates a rise, on-chain data also looks positive. About 63% of Dogecoin addresses have become profitable again, the proportion of those at a loss is 21.5%, and there is a significant increase in the number of addresses holding DOGE.
Interest in DOGE among whale investors is increasing. Previously, there were 73 large wallets holding approximately 21% of the total supply, and now this number has risen to 81 large investors holding between 0.1% and 1% of the coins. In the new distribution, 21.77% of the supply is in the hands of large investors. The recent recovery of the price, which has been suppressed by whale sales for months, could be the start of a rebound from the bottom.
If the Bitcoin price surpasses $38,000 as expected, DOGE could achieve larger gains during this period. The first target is the psychological resistance zone of $0.1 and closings above this level could bring back the glorious days of the meme coin king.
These non-investment advice information remind investors that they should conduct their own research considering the high volatility and risks associated with cryptocurrencies.
