BTC-Newswire

DOGE traders are increasing their holdings, should you do too?

Press Releases Crypto News AMB-Crypto DOGE traders are increasing their holdings, should you do too?

The 0 to 100 coins and 1 million to 10 million cohort have increased their balances.
DOGE might dump into the $0.80 before it bounces.

AMBCrypto’s analysis on the 21st of February showed that Dogecoin [DOGE] holders have been adding more coins to their portfolio. Using Santiment’s on-chain data, we observed that the balance of addresses of the 0 to 100 Dogecoin holding cohort has been increasing.

However, the retail segment was not the only one accumulating. A further assessment showed that the 1 million to 10 million whale cohort have also done the same. Actions like this suggest conviction that DOGE would perform well over the coming weeks.

Source: Santiment

Rocky moves to come before the calm

When the new year began, DOGE started on a slow note. As a result, the Year-To-Date (YTD) performance of the coin stood at a 7.36% decrease.

But the last 30 days has brought some sort of relief as the cryptocurrency registered a 9.81% increase. If we were to go by the actions mentioned above, then DOGE could be set to surpass the highs it hit recently.

However, it is important to check out other indicators before concluding. From a technical perspective, it could take a while before DOGE hits a high value. This was because the price had dropped to $0.084. Looking at the 4-hour chart, it could face another hurdle around $0.087 if bulls attempt to push the price up.

A successful close above $0.087 might send Dogecoin to $0.095. But if the effort to break the resistance is futile, the price might drop to $0.080.

However, if bulls can defend the coin from going below $0.083, the Suprtrend indicate that it could be a buying opportunity.

Furthermore, the Cha

Go to Source to See Full Article
Author: Victor Olanrewaju

Did you like this?
Tip BTC Newswire with Cryptocurrency