Dogecoin (DOGE) surged past $0.111, showing bullish momentum with minimal resistance ahead.
Today, the meme coin market leader Dogecoin saw a notable price surge, climbing past the critical $0.111 level. Specifically, DOGE advanced by over 5% in the last 24 hours, reaching an intraday high of $0.116.
While this movement confirms potential bullish momentum, experts stress the need for DOGE to maintain its position above the $0.111 level to confirm continued upward momentum.
Current Market Position
Analyst Ali Martinez recently shared market data that provides insights into the positioning of Dogecoin holders within the current market.
Around 62,270 addresses collectively hold more than 36 billion DOGE, with acquisition prices ranging between $0.108090 and $0.111445. The average acquisition price for these holders is $0.109221, placing them at a profit.
Diving into the data, approximately 84.70% of DOGE holders are currently profitable, holding 55.64 billion DOGE worth about $6.21 billion, acquired at prices between $0.094671 and $0.109221.
This suggests that the majority of holders purchased below the current market price. Conversely, about 15.04% of holders, owning 9.88 billion DOGE valued at $1.1 billion, remain at a loss due to acquiring DOGE at higher price points.
This distribution highlights the significance of maintaining the current price level, as it keeps the majority of holders in profit. A continued hold above this threshold could further solidify market confidence.
Path to Higher Levels
Martinez’s observation reveals minimal resistance for DOGE, with most holders having acquired their tokens at lower prices. This suggests that upward momentum could face fewer supply barriers, offering the potential for further price increases.
According to the analyst, the absence of significant resistance above the current price could allow DOGE to aim for the $0.150 mark if the current bullish sentiment persists.
Notably, recent inflows of large holders add to the potential upward momentum for Dogecoin. While a recent spike in inflows reflects a 24.03% short-term increase, longer-term trends still show mixed signals. Despite this short-term positive movement, the 30-day inflow change remains down by 73.06%, and the 90-day change is slightly negative at -5.88%.
A September 19 report revealed that Dogecoin broke above a descending trendline, indicating a potential shift in market sentiment. At that time, Dogecoin’s price hovered near the 78.6% Fibonacci level at $0.10067, which served as a support zone.
The latest update shows that Dogecoin has continued its uptrend. Now, Martinez predicts that a confirmed breakout could significantly propel the price to $0.150, provided the recently reclaimed resistance at $0.111 holds.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
