The journey of Dogecoin [DOGE] continues to be a wild one, with the meme-inspired digital asset facing turbulent times in mid-May 2024. Recently, it experienced a downturn, falling below the $0.150 mark, leaving investors wondering: what is the ceiling for DOGE’s surge?
After falling below the critical support level of $0.145, Dogecoin entered a short-term bearish phase, mirroring the sentiment of other leading assets such as Bitcoin [BTC] and its counterpart Shiba Inu [SHIB]. However, at press time, DOGE is up 7% and trading as high as $0.1527.
Despite the price volatility, DOGE’s on-chain metrics present a different story. Data from IntoTheBlock notably highlights how DOGE’s top holders have adjusted their positions, with net asset flows surging from negative to an impressive 386 million DOGE.
In addition, inflows to large wallets also increased. They almost doubled in one day to 426 million DOGE. At the same time, outflows from these wallets decreased significantly, plummeting from 222.14 million DOGE to 39.98 million DOGE. These movements indicate that large investors have made significant adjustments to their Dogecoin holdings, indicating a possible shift in sentiment towards the asset.
Price Prediction
According to Changelly, investors expect Dogecoin to trade at an average price of $0.134 in May. Moreover, the prediction range is between $0.124 and $0.145. However, closer to mid-May, Changelly predicts DOGE to trade at $0.142. This indicates a 1% drop from its current value.
Dogecoin’s journey to mid-May 2024 reflects the broader dynamics of the cryptocurrency market. Despite short-term volatility and bearish trends, fundamental indicators hint at resilience and recovery potential. As investors watch the evolving ecosystem, the question of what’s next for Dogecoin remains unanswered.
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