Main navigation

Dogecoin's (DOGE) Profitability Remains Above 62% Despite Price Reversal

Advertisement
Sun, 4/12/2022 - 11:00
Dogecoin's (DOGE) Profitability Remains Above 62% Despite Price Reversal
Cover image via stock.adobe.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

The biggest meme coin on the market has been showing a solid price performance in the past 40 days and forming important technical signals that hint at a full-blown trend reversal in the foreseeable future, which could explain the high profitability of the asset.

Advertisement

How does golden cross fuel buying?

The technical signal we have described in our previous articles is considered one of the strongest indicators of an upcoming trend reversal. Even though Dogecoin is not the most stable asset on the market, the cross between the 200- and the 50-day moving averages might become fuel for the market independently.

DOGE Data

As the long-term reversal sign occurs, more investors and whales might want to get more exposure to the meme coin and fuel further growth of the asset. Unfortunately, the trading volume does not suggest a spike in buying activities, but it might be a matter of time.

The recovery of the market based on the Fed's dovish talk could become another reason behind DOGE's growth, but, at the same time, the unpredictable nature of the crypto market at this point should be considered a major risk factor that may cause Dogecoin's place to change in a matter of days or even hours.

Related

Profitability around 60% is also a healthy factor for Dogecoin's price, as it is the middle ground between the oversold and overbought states of the meme coin. Up until 80% profitability, DOGE will have enough room for growth and will not face any issues from a holder composition perspective.

At press time, Dogecoin is trading at the $0.1 price threshold and has gained 4.6% to its value in the last 24 hours.

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD