- Dogecoin price is currently trading at $0.0745, looking to rally by 12.5% to touch $0.0840.
- Nearly 32.3 billion DOGE were purchased at an average price of $0.0840, which would turn profitable if prices rose further.
- The meme coin is noting no significant support from investors or bulls, making the probability of a 12.5% rally rather weak.
Dogecoin price has had one of the most disappointing runs over the last 30 days, which has resulted from a lack of interest from investors. However, if these investors were to suffer more losses, it would be a making of their own as DOGE only needs a push to this level for holders to become profitable again.
Dogecoin price needs a little push
Dogecoin price drew a lot of interest from investors back in October last year but declined significantly over the next few months as the quotes kept falling. DOGE has been painting red on the charts since marking the year-to-date high of $0.959 back in February.
While other altcoins managed to mark new 2023 highs in the last few days, Dogecoin price only increased by a little over 15% to trade at $0.0745. But investors are awaiting another 12.6% rally that could bring back the profits that they have not seen for over a month now.
According to the Global In/Out of the Money (GIOM) indicator, over 32.27 billion DOGE worth nearly $2.5 billion at current trading price await recovery.
Bought at an average price of $0.0840, these tokens would become profitable once again when the Dogecoin price flips the critical resistance of $0.0826 into a support floor. This would enable the investors to push the price further up and turn the DOGE holders profitable once again.
However, the investors are the issue at the moment. The network has been noting very little presence when it comes to DOGE holders. The daily active addresses in the case of Dogecoin have been hovering at an average of 53,000 against 4.26 million total addresses with a balance on the network.
Dogecoin daily active addresses
Not even Dogecoin whales have been active, as observed by the transaction volume. Except for a spike to $1.62 billion last week, the average whale movement has generated less than $1 billion on a daily basis.
Thus, DOGE investors need to become active again in order for the Dogecoin price to take a bullish turn and chart a 12% rally.
DOGE/USD 1-day chart
If that fails to happen and investors pull back as the attempt to breach the critical resistance fails, the meme coin could decline again to potentially test the critical support at $0.0618. Losing this level would invalidate the bullish thesis and drag the altcoin down to September 2022 lows of $0.0570.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Follow us on Telegram
Stay updated of all the news
China coin narrative in play as Coinbase CEO warns of restrictive US crypto policies
Brian Armstrong, CEO and co-founder of cryptocurrency platform Coinbase, shared his thoughts on restrictive US crypto policies in an opinion editorial published by Market Watch on Tuesday.
Ethereum holders pull $1 billion in ETH off exchanges hinting retail-led rally
Ethereum holdings in exchange wallets declined by $1.04 billion between May 8 and May 31. Interestingly, while large wallet investors have shed their Ether holdings, the altcoin got redistributed to addresses with less than 1 ETH.
Dogecoin price action hints DOGE can reverse its bearish trend
Dogecoin (DOGE) price presents a potential for trend reversal provided a certain set of conditions are met. These conditions involve overcoming key hurdles for DOGE bulls and seeing momentum indicators flip bullish on lower time frames.
PEPE price to drop another 15% as altcoin winter is only halfway finished
PEPE price is feeling the frost and cold of the altcoin winter that continues with some notable slides in price valuation in the altcoin space. After price action dropped below $0.0014700, traders must have understood that a turnaround would only occur at a high supportive level.
Bitcoin: BTC delays inevitable crash to $25,000
Bitcoin price is delaying a crash that has been brewing for roughly two weeks. A failure to push higher could result in a steep correction next week. The troubling macroeconomic conditions could be key in catalyzing and trigger a nosedive for BTC holders.