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According to important on-chain metrics, Dogecoin has been exhibiting indications of possible bullish momentum lately. There are not many big selling clusters in the near future that could open the door for swift upward movement, according to the Global In/Out of the Money indicator.
The absence of selling pressure resistance points to a potential rally for DOGE toward the $0.17 price level, where more resistance to the asset's decline and possible consolidation await. According to the indicator, roughly 73% of Dogecoin addresses are presently in the money or profitably holding DOGE. Being in a strong position is usually indicated by a high percentage of profitable holders since fewer holders are under pressure to sell at a loss.
However, just about 24% of addresses are out of the money, which lessens the possibility of strong selling pressure in the short term. In addition, 11.4 billion DOGE have been moved in the last 24 hours, a significant increase in the volume of large transactions.
Arman ShirinyanThe current activity suggests that institutional investors, or whales, may be preparing for a future price increase. Due to these high-volume players' substantial market-moving ability, such large movements frequently precede notable price swings.
With this data, it looks like DOGE will move toward the $0.17 threshold, where traders should be on the lookout for stronger selling pressure. A longer rally for Dogecoin is possible if this barrier is successfully breached. There might be a pullback or a period of consolidation, though, if DOGE encounters significant resistance at or close to this level.
Godfrey Benjamin
Tomiwabold Olajide
Dan Burgin
Vladislav Sopov
U.Today Editorial Team