Dogecoin

bullish

Convergence

Divergence

Dogecoin (DOGE) price and major cryptocurrencies are poised for significant upward movement before the end of August as liquidity increases in anticipation of the annual <a href="https://coingape.com/markets/crypto-markets-turn-bullish-anticipating-jackson-hole-meeting/" rel="noopener noreferrer nofollow">Jackson Hole Symposium</a> in Wyoming. Investors expect Jerome Powell, the Fed Chair, to affirm the central bank’s commitment to bringing down interest rates starting in September and lay out the general economy policy.
<h2 class="p1" id="dogecoin-price-market-movers-72-5-holders-in-profit-and-whales-growing-interest">Dogecoin Price Market Movers: 72.5% Holders In Profit and Whales Growing Interest</h2>
<ul>
 <li class="p1">Dogecoin price anchored the uptrend above $0.1 support as <a href="https://coingape.com/markets/top-3-bitcoin-ethereum-xrp-price-prediction-btc-poised-to-break-62k-hurdle/" rel="noopener noreferrer nofollow">Bitcoin bulls put pressure on $62,000</a> resistance on Thursday. The largest <a href="https://coingape.com/top-dog-themed-memecoins/" rel="noopener noreferrer nofollow">meme coin</a> seems fundamentally grounded, with <a rel="noopener noreferrer nofollow" href="https://app.intotheblock.com/coin/DOGE/deep-dive?group=financials&amp;chart=inAndOut">IntoTheBlock’s</a> IOMAP data revealing that approximately 72.5% of all network addresses are profitable. This totals 4.65 million addresses, while 25.63% or 1.64 million addresses are out of the money.</li>
</ul>
<figure id="attachment_213603" aria-describedby="caption-attachment-213603" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-213603" src="https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-22-at-15.59.23.png" alt="Dogecoin GIOM model | IntoTheBlock" width="2384" height="874" srcset="https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-22-at-15.59.23.png 2384w, https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-22-at-15.59.23-300x110.png 300w, https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-22-at-15.59.23-1224x449.png 1224w, https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-22-at-15.59.23-768x282.png 768w, https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-22-at-15.59.23-1536x563.png 1536w, https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-22-at-15.59.23-2048x751.png 2048w, https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-22-at-15.59.23-150x55.png 150w" sizes="(max-width: 2384px) 100vw, 2384px">
 <figcaption id="caption-attachment-213603" class="wp-caption-text">
 Dogecoin GIOM model | IntoTheBlock
 </figcaption>
</figure>
<ul>
 <li class="p1">According to&nbsp;<a rel="noopener noreferrer nofollow" href="https://app.santiment.net/charts/7_VBlxhR__sCl" target="_blank">Santiment</a>, whales were unfazed by the decline in&nbsp;<a href="https://coingape.com/price/dogecoin/'" target="_blank" rel="noopener noreferrer nofollow">DOGE price</a> as holder patterns trended higher. The supply distribution metric reflects the increasing demand for Dogecoin, especially among holders with between 100,000 and 1 million tokens. This whale cohort accounts for 6.14% of the total supply. Addresses holding between 10 million and 100 million DOGE also topped up their balances to have 12.92% of the supply. Despite Dogecoin price underperforming since March, this consistent interest among whales points to a significantly <a href="https://coingape.com/markets/dogecoin-price-analysis-expect-17-gains-if-doge-breaks-this-level/" rel="noopener noreferrer nofollow">bullish future</a>.</li>
</ul>
<figure id="attachment_213601" aria-describedby="caption-attachment-213601" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-213601" src="https://coingape.com/wp-content/uploads/2024/08/Dogecoin-DOGE-13.56.07-22-Aug-2024.png" alt="Dogecoin price " width="3840" height="1300" srcset="https://coingape.com/wp-content/uploads/2024/08/Dogecoin-DOGE-13.56.07-22-Aug-2024.png 3840w, https://coingape.com/wp-content/uploads/2024/08/Dogecoin-DOGE-13.56.07-22-Aug-2024-300x102.png 300w, https://coingape.com/wp-content/uploads/2024/08/Dogecoin-DOGE-13.56.07-22-Aug-2024-1224x414.png 1224w, https://coingape.com/wp-content/uploads/2024/08/Dogecoin-DOGE-13.56.07-22-Aug-2024-768x260.png 768w, https://coingape.com/wp-content/uploads/2024/08/Dogecoin-DOGE-13.56.07-22-Aug-2024-1536x520.png 1536w, https://coingape.com/wp-content/uploads/2024/08/Dogecoin-DOGE-13.56.07-22-Aug-2024-2048x693.png 2048w, https://coingape.com/wp-content/uploads/2024/08/Dogecoin-DOGE-13.56.07-22-Aug-2024-150x51.png 150w" sizes="(max-width: 3840px) 100vw, 3840px">
 <figcaption id="caption-attachment-213601" class="wp-caption-text">
 Dogecoin supply distribution | Santiment
 </figcaption>
</figure>
<h2 class="p1" id="doge-price-analysis-doge-could-rise-71-5">DOGE Price Analysis: DOGE Could Rise 71.5%</h2>
After defending support at $0.1 from early August, Dogecoin price consolidated below $0.11 resistance. However, a 2.8% rise in the last 24 hours promises an extended leg up. Short-term support provided by the 20-day Exponential Moving Average (EMA) reinforces the renewed bullish trend.
The Moving Average Convergence Divergence (MACD) indicator flaunts a buy signal, encouraging traders to buy DOGE. A breach of the 50-day EMA resistance at $0.1137 will increase the probability of a falling wedge pattern breakout.
As Dogecoin price corrected from its March peak of $0.2288, it hit two higher lows and three higher lower lows. Using trendlines to connect these price points forms a falling wedge. The pattern is validated when DOGE breaks above the trend line resistance, ahead of a potential 71.5% breakout to close the gap to $0.2.
The target is determined by measuring the distance between the first swing high and low and appended to the breakout point. Traders place a stop loss below the trendline for risk management.
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" class="size-full" src="https://www.tradingview.com/x/wIsVDrp5/" alt="Doge price chart | Tradingview " width="2694" height="1436">
 <figcaption class="wp-caption-text">
 Doge price chart | Tradingview
 </figcaption>
</figure>
<a href="https://coingape.com/price-predictions/dogecoin-doge-price-prediction/" rel="noopener noreferrer nofollow">DOGE price forecast</a> calls on traders to be vigilant and prepare for all scenarios, considering possible delays at the 50-day and 200-day EMAs. Other levels threatening the rally include the supply at $0.14 and around $0.18.
<figure id="attachment_213602" aria-describedby="caption-attachment-213602" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-213602" src="https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-22-at-15.59.41.png" alt="Dogecoin GIOM model | IntoTheBlock" width="2370" height="936" srcset="https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-22-at-15.59.41.png 2370w, https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-22-at-15.59.41-300x118.png 300w, https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-22-at-15.59.41-1224x483.png 1224w, https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-22-at-15.59.41-768x303.png 768w, https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-22-at-15.59.41-1536x607.png 1536w, https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-22-at-15.59.41-2048x809.png 2048w, https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-22-at-15.59.41-150x59.png 150w" sizes="(max-width: 2370px) 100vw, 2370px">
 <figcaption id="caption-attachment-213602" class="wp-caption-text">
 Dogecoin GIOM model | IntoTheBlock
 </figcaption>
</figure>
With the GIOM model showing volume, attention is directed to the area at $0.125, where 357.12k addressee purchased 46.31 billion DOGE. Traders cannot rule out a potential correction from this region as some holders could sell a breakeven, thus intensifying overhead pressure.
The post <a href="https://coingape.com/markets/dogecoin-price-steadily-resumes-uptrend-with-72-5-addresses-in-profit/" rel="noopener noreferrer nofollow">Dogecoin Price Steadily Resumes Uptrend With 72.5% Addresses In Profit</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Dogecoin Price Steadily Resumes Uptrend With 72.5% Addresses In Profit

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