Dogecoin (DOGE) Outlook After 140% Surge in a Month
Date: 2024-03-08 Author: Dima Zakharov Categories: BLOCKCHAIN
Dogecoin Holders Reach 6 Million
In February, Dogecoin saw a remarkable increase in holders, reaching an impressive 6.5 million, marking a 10% rise. Following this surge, the meme coin's price skyrocketed from $0.081 to $0.1950 between February 10 and March 4.
Stabilizing Growth and Profit-Taking
However, early March witnessed a stabilization in the pace of new user growth, suggesting a potential halt in new capital influx, with investors uncertain about the bullish trend's continuation.
Potential Profit-Taking Pressure
Currently, over 5.24 million DOGE addresses, or 84.75% of holders, are in profit, raising concerns about potential profit-taking actions. If profitable wallets start offloading, it could lead to significant price corrections.
Price Forecast: Testing Support at $0.15
DOGE's hourly chart shows a convergence of trend lines, indicating a potential bearish trend. A breach of the $0.15 support level might lead to a test of the next support at $0.12.
Conclusion
While a break above $0.15 and successful breach of the next resistance level at $0.1646 could affirm the bullish trend, investors remain cautious amidst profit-taking possibilities.
