At the time of writing, Dogecoin was trading at $0.1587, down 4.81% in the last 24 hours and 21% in the last seven days. However, the high yield despite the recent drop is a positive indicator as it shows that most Dogecoin holders are still holding on despite the price drop.
DOGE whales have been active and actively trading amid the fall: data from IntoTheBlock shows that #cryptocurrency exchanges have seen an outflow of $744.62 million from #DOGE over the past seven days, compared to an inflow of $671.61 million over the same period. The higher outflow suggests that more investors continue to hold funds rather than sell when prices fall.
See also: Shiba Inu burn rate, 99% crash after 18,000% surge, what happened?
The inflows/outflows indicator also shows the number of addresses that have bought stocks in a particular price range, which helps in understanding support and resistance levels. Currently, this indicator shows 111,280 addresses bought shares in the range of $0.169 to $BTC A break above this level could lead to a small sell-off as some buyers will look to lock in profits, but the main hurdle is above $0.18. A full bullish reversal and a break above $0.18 would give DOGE a clear path back to $0.22, the highest price reached so far in the current bull cycle.
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Scott Matherson is a leading Bitcoinist crypto writer with sharp analytical skills and a deep understanding of the digital currency landscape. Scott has earned a reputation for writing thought-provoking, well-researched articles that resonate with beginners and seasoned crypto-enthusiasts alike. In addition to writing articles, Scott is passionate about increasing crypto literacy and often works to educate the public about the potential of #blockchain .
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