Over the past month, Dogecoin [DOGE] has observed a 26% surge following heightened interest from retail investors. This upward momentum propelled DOGE to a peak of $0.149, marking a four-month high earlier this week. <\/p>\n
Nonetheless, the current trading value for DOGE stands at $0.137 after a slight retracement from its recent highs.<\/p>\n
One potential cause for this pullback could be attributed to the growing number of profit-taking actions. The sudden influx of wallets in profit following the recent gains may have triggered this corrective phase for Dogecoin.<\/p>\n
Statistics from IntoTheBlock reveal that at present, 78% of DOGE holders, approximately 5 million addresses, are witnessing profits, while 18% are facing losses.<\/p>\n
However, an analysis of active addresses based on profitability indicates a notable decrease. The number of these addresses has fallen by 11%, from 10,890 to 8,130, while active wallets in losses have experienced a modest 2% increase.<\/p>\n
As profit margins decline for these addresses, traders typically begin capitalizing on gains, potentially influencing Dogecoin’s upward trajectory.<\/p>\n
Notably, there has been a considerable uptick in DOGE deposits to exchanges based on inflow data. The influx of 372M coins represents a 38% surge from the previous day.<\/p>\n
Should this inflow trend persist, Dogecoin might be heading towards a reversal into a bearish trend.<\/p>\n
Whale activity in the Dogecoin market has notably subsided this week. Following a phase of accumulation, large DOGE addresses seem to have retracted their actions amid uncertainties arising from the weakening price rally.<\/p>\n
Over the past six days, significant DOGE transactions exceeding $100,000 have dwindled from 17 billion to 9 billion.<\/p>\n
This sharp decline in activity illustrates a diminished interest from whales as the rally starts displaying signs of fatigue.<\/p>\n
Considering the substantial proportion of Dogecoin\u2019s supply controlled by whales, their reduced involvement could result in decreased volatility, leading to a period of price stabilization.<\/p>\n
An examination of Dogecoin\u2019s liquidation heatmap reveals the presence of a critical liquidation zone beneath the prevailing price level, ranging between $0.135 and $0.136. These zones typically exert downward pressure on prices, potentially dragging them lower.<\/p>\n
If Dogecoin continues its descent and reaches this level, further selling pressure could emerge, compelling long traders to offload their holdings to close their positions.<\/p>\n
\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"
Over the past month, Dogecoin [DOGE] has observed a 26% surge following heightened interest from retail investors. This upward momentum propelled DOGE to a peak of $0.149, marking a four-month high earlier this week. Nonetheless, the current trading value for DOGE stands at $0.137 after a slight retracement from its recent highs. One potential cause<\/p>\n","protected":false},"author":1,"featured_media":28534,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"class_list":["post-28533","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-50","no-featured-image-padding"],"_links":{"self":[{"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/posts\/28533","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/comments?post=28533"}],"version-history":[{"count":2,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/posts\/28533\/revisions"}],"predecessor-version":[{"id":28536,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/posts\/28533\/revisions\/28536"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/media\/28534"}],"wp:attachment":[{"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/media?parent=28533"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/categories?post=28533"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/tags?post=28533"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}