Dogecoin price rallying by 10% will have this effect on 20 billion DOGE
|- Dogecoin price is trading at $0.079 following the broader market cues.
- Nearly $1.63 billion worth of DOGE is close to turning profitable, provided the altcoin climbs to $0.088.
- Whales are exhibiting resilience at the moment as the cohorts holding 100,000 to 10 million DOGE shed minimally.
Dogecoin price, since the recent crash, has been moving sideways, keeping investors on their toes as they await recovery. This time around, a lot is riding on the altcoin going up as supply that has been held around the current price level will be turning profitable if DOGE climbs to this specific point.
Dogecoin price needs a rally
Dogecoin price trading at $0.079 is yet to observe any bullish signal that investors have been waiting for days now. The Relative Strength Index (RSI) is still in the bearish, neutral zone below the 50.0 mark, and flipping the same into a support floor would be the signal that would suggest that recovery is likely now.
DOGE/USD 1-day chart
This would reignite the bullishness in DOGE holders who have nearly 20.48 billion DOGE worth over $1.63 billion in their stash, waiting to become profitable again. Bought in the range between $0.082 and $0.088, the average price of these tokens is around $0.085, which calls for a 7.5% uptick in Dogecoin price. However, in order to ascertain absolute profits, the meme coin would need to observe an 11.5% rise to tag $0.088.
Dogecoin GIOM
While beyond this point, another 20.69 billion DOGE await a profit trigger, the range for this supply is far larger - between $0.088 to $0.144, and at an average price of 0.111, the altcoin would need to rally by at least 40% to turn these DOGE profitable.
Thus until the Dogecoin price hits $0.088, it is important for investors not to lose their optimism despite the cryptocurrency painting red on the charts for the last two weeks. This is being practiced by DOGE whales, who have been exhibiting resilience despite the 16% crash witnessed by the meme coin last week.
The cohorts holding between 100,000 to 1 million DOGE and 1 million to 10 million DOGE have shed a little over 150 million DOGE combined, worth $11.9 million. This is a good sign as it shows that whales aren’t banking on the token and booking profits for now, which would support the potential for recovery.
Dogecoin whale activity
Therefore investors looking to jump into investing in the token must watch for the aforementioned triggers and whether or not they bear successful results.
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