<ul class="wp-block-list">
 <li>Dogecoin holders maintain positions despite price drop</li>
 <li>On-chain metrics show decreased circulation and increased holding time</li>
 <li>Technical analysis suggests potential bullish breakout</li>
</ul>
Despite a recent price correction from $0.43 to $0.37, <a href="https://thenewscrypto.com/?s=Dogecoin" target="_blank" rel="noopener noreferrer nofollow">Dogecoin </a>(DOGE) holders are displaying remarkable resilience by maintaining their positions. On-chain data suggests this steadfast holding behavior could signal an imminent price surge for the leading meme cryptocurrency.
<h2 class="wp-block-heading" id="h-dogecoin-holding-time-metrics-reach-new-heights">Dogecoin Holding Time Metrics Reach New Heights</h2>
Data from IntoTheBlock reveals a significant shift in investor behavior, with the Coin Holding Time metric surging by over 100%. This crucial indicator, which tracks the duration of unmoved coins, points to strengthening investor conviction.
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="683" src="https://thenewscrypto.com/wp-content/uploads/2024/11/image-154-1024x683.png" alt="" class="wp-image-114810" srcset="https://thenewscrypto.com/wp-content/uploads/2024/11/image-154-1024x683.png 1024w, https://thenewscrypto.com/wp-content/uploads/2024/11/image-154-300x200.png 300w, https://thenewscrypto.com/wp-content/uploads/2024/11/image-154-768x512.png 768w, https://thenewscrypto.com/wp-content/uploads/2024/11/image-154.png 1200w" sizes="auto, (max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
 Source:&nbsp;<a href="https://intotheblock.com/" target="_blank" rel="noopener noreferrer nofollow">IntoTheBlock</a>
 </figcaption>
</figure>
“The increase in holding time typically serves as a bullish indicator,” notes the analysis. “Current data suggests investors are choosing to accumulate rather than distribute their holdings.”
Santiment’s on-chain analysis provides additional support for the bullish thesis. The platform reports a dramatic decrease in <a href="https://thenewscrypto.com/?s=Doge" target="_blank" rel="noopener noreferrer nofollow">DOGE </a>circulation, plummeting from 5.88 billion to 969.06 million coins.
“This substantial reduction in circulation often correlates with decreased selling pressure,” the report indicates. “The current metrics suggest a potential supply squeeze forming in the market.”
The 4-hour chart reveals the formation of a bull flag pattern, mirroring a similar setup that preceded DOGE’s previous 100% rally. This technical formation typically signals a continuation of the underlying uptrend following a period of consolidation.
The combination of strong holding patterns, reduced circulation, and bullish technical formations suggests DOGE could target the $0.50 level in the near term. However, analysts caution that a shift in holder behavior could trigger a retreat below $0.30.
As the market consolidates, the steadfast behavior of DOGE holders continues to shape the asset’s potential trajectory, with on-chain metrics providing compelling evidence for a possible upward breakout.

Dogecoin Investors Show Strong Diamond Hands: DOGE Metrics Signal Bullish Pattern

Table of Contents

TheNewsCrypto

Other articles published on Nov 19, 2024

XRP Journey to $2 Begins, Ethereum (ETH) Golden Cross Potential Arises, Cardano (ADA) 2x: Is It S...

DOGE Price Surged by 11% Today, Topping $0.4

Who was Sam Trabucco in SBF's FTX Empire?

Peter Schiff questions if Bitcoin HODLers are just pretending to be rich

Judge Denies Kraken’s Bid to Dismiss SEC Lawsuit

XRP to $10 or This $0.04 Token to $50? Experts Have a Clear Winner

Join our free newsletter for daily crypto updates!