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The price of Dogecoin (DOGE) has declined slightly by 0.47% over the past day. Amid this decline, DOGE has formed key resistance at the 32.68 billion coin level, according to IntoTheBlock.
What 32.68 billion resistance means for DOGE
For DOGE, breaching this resistance is very important, as it could determine future price movement. A rise in total volume above 32.68 billion could propel price gains for DOGE. If the coin surmounts current selling pressure and breaches this level, its price could jump to $0.115 in the long term.
Tomiwabold OlajideOn the contrary, a fall below this level could send the meme coin into further downtrends. This means the current drop in Dogecoin’s price does not hold water until the meme coin crosses this key resistance level.
Meanwhile, the "in/out of the money" indicator, a tool used to assess the profitability of addresses holding DOGE, reveals that 69.41% of coin holders are "out of the money." This indicates an increase in selling pressure, as observed in Dogecoin’s recent performance.
However, 30.32% of addresses are currently holding DOGE in profit. This percentage represents holders that may be less inclined to sell, providing a solid support level for the meme coin. Also, Dogecoin’s 24-hour trading volume has declined by 12%, indicating that a potential reversal could be on the horizon.
Faith in Dogecoin’s recovery
Activities from large coin holders, often called “whales,” have also contributed to Dogecoin’s recent resistance and support levels. Typically, activities from large holders can sway the price more than smaller retail investors.
Gamza KhanzadaevAs previously reported by U.Today, large holders recently removed $30 million worth of DOGE from exchanges. This may indicate that these large investors are preparing to hold DOGE for an extended period in the hope of future price growth. Their activities could cause stability in Dogecoin’s price due to less selling pressure brought on by lower exchange holdings.
Tomiwabold Olajide