43 billion Dogecoin (DOGE) market game: Can the price achieve a breakthrough?
Dogecoin market dynamics:
Dogecoin, a digital asset beloved by the cryptocurrency community, currently has a trading volume of 43 billion coins. On-chain data shows that the price range of Dogecoin held by a large number of addresses is relatively concentrated. Currently, our focus is on whether Dogecoin can break through existing price resistance.
Judging from the active addresses of profit data, about 137,000 addresses hold Dogecoin in a break-even state, and its break-even price ranges from 0 to 11 US dollars. Given the sheer volume of Dogecoin in this price range, the actions of these holders could have a significant impact on the market price, and they may choose to push the market higher or lower depending on price changes.
On the DOGE/USDT trading chart, we can observe that only 13.31% of addresses are profitable at the current price of approximately $0.109. From a technical perspective, Dogecoin has been volatile over the past few months. The daily price chart shows that Dogecoin is currently trading below long-term moving averages such as the 100 EMA and 200 EMA, which is often seen as a bearish sign for the market.
However, it is worth noting that Dogecoin price is consolidating near the 200 EMA. If market momentum picks up, this area could serve as both a strong resistance level and the starting point for a potential breakout. The Relative Strength Index (RSI) currently sits around 50, indicating relatively neutral market momentum. If Dogecoin can successfully break above key resistance levels, especially $0.120, it could trigger a rally. Conversely, if sellers take control, Dogecoin may retest the $0.09 level.
On the other hand, 17.79% of addresses are losing money or have no money when holding Dogecoin, which poses potential upside resistance. Once market prices recover, these holders may choose to sell to mitigate losses. Additionally, 69% of the total addresses are breakeven, and this large group plays a crucial role in short-term price movements. Their actions will directly affect the market performance of Dogecoin. #币安上线CATI #美国8月核心PCE创4月以来新高 #币安上线EIGEN #9月小非农数据高于预期
