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Bitcoin is still trading above $61,000, a level that has held steady in recent days, indicating that the cryptocurrency market is showing signs of optimism. The market is currently experiencing a general positive mood due to this consistent performance; the total market capitalization is currently up $2.28 trillion 0.95% in the past 24 hours.
Despite the upward trend, the Fear and Greed Index is still in the Fear zone at 34, suggesting that investor sentiment is still cautious. Every asset is trading in the green area among the top 10 cryptocurrencies. Of particular note are the increases of 0.55% for Dogecoin (DOGE), 0.59% for Solana (SOL) and 0.44% for Toncoin (TON).
Although these are small gains, they indicate a slow but steady recovery of market confidence. After declining by 0.55%, the dominance of Bitcoin is currently at 53%. The positive performance of DOGE, SOL and TON suggests that investors may be starting to diversify their holdings into other altcoins, which could be the reason for this shift.
As it tries to rise from recent lows, Dogecoin's price action is worth the attention it gets. With indications of consolidation, the cryptocurrency is trading at about $0.106. DOGE is attempting to break above its 50-day moving average, which is a significant barrier for the asset, ahead of a proper bull run.
Arman ShirinyanFurther gains, perhaps in the $0.11 to $0.12 range, could be made possible by a successful break above this level. A total of 73% of DOGE holders are In the Money right now or profitable at the current price based on IntoTheBlock's data. This shows that the current price level has a solid base of support.
A cluster of addresses that purchased DOGE between $0.10 and $0.11, which may act as a strong support level, is indicated by the Global In/Out of the Money analysis. A noteworthy cluster of addresses that are Out of the Money is located just above this price level, which could put selling pressure on the market if the price rises. As a result, breaking past $0.11 could be difficult.
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