The post When Will Dogecoin (DOGE) Price Break Out Of Consolidation? What Next For Meme Coin? appeared first on Coinpedia Fintech News
Dogecoin, the first meme currency in the crypto industry, has been leading the meme coin market cap for years now. Currently, it is the 10th largest cryptocurrency by market cap, competing strongly against Bitcoin (BTC) and Ethereum (ETH).
Dogecoin has always been an asset that has been easily influenced by market upheavals, macroeconomic conditions and more, as the price action primarily depends on social mentions.
At the moment, Dogecoin is valued at $0.059 after a loss of 0.22% in the last 24hrs and a fall of 0.20% over the last week. The immediate resistance lies at $0.065 while the support is positioned at $0.055.
Since August 2022, Dogecoin’s price action has been trading sideways, a trend that is likely to continue. DOGE’s Fibonacci retracement is established from a local high of $0.172 to the last lows of $0.049. This action was last recorded in August and when the currency failed to maintain its price action above the support area, it pulled the currency into consolidation.
Dogecoin Whale Action Dips
The current trading area is trying to attract minimal buying pressure, which will help the currency not to fall to the Fibonacci level that has been mentioned above.
Earlier, Dogecoin was known for its volatility which was majorly influenced by whale holders. Whales have always been playing a major role in any asset’s price action, but more for Dogecoin as the Whale dominates 48.88% of its overall supply.
Since January 2022, the whale action for Dogecoin has plunged from $10-$15 billion to below $1 billion.
During the same time, the number of Dogecoin Holders surged, especially the long-term holders. The currency’s holders grew from January’s 41% to this month’s 67.8%. This growth might be due to whales that are still holding on to their currencies.