Anxiety dominates Dogecoin holders while the main feelings fluctuate to the bear area
The growing anxiety between long -term holders leads social feelings that indicate an increase in price fluctuations for Dogecoin (DOGE).
Specifically, the NUPL/NUPL owners have moved in the long run from a state of faith and denial to optimism and anxiety, according to Article, respectively. Data from Glassnode Common by the cryptocurrency analyst Ali Martinez on March 30.
Based on this sense of feelings, Martinez warned that such transformations often lead to increased prices.
Data indicates a declining trend in NUPL Holder Holder, indicating that many previously profitable investors approach tie losses or incur losses.
This change in feelings coincided with a significant decrease in the price of Dogoin, which decreased sharply in March, in accordance with the wider market direction.
Historically, such transformations in NUPL have preceded price fluctuations, indicating that Dogecoin may face more disturbances in the coming weeks. In this case, the fear of additional losses may push some investors to get out of their positions, which may accelerate the pressure of the sale.
Dukwin’s recovery capabilities
However, the technical preparation of Dogecoin can nullify the current landmarks. In fact, analysis subscriber Martinez suggested that the cryptocurrency is likely to thrive, as it is currently placed over the minimum boundaries of the long -term upward channel that has led the price track since 2015.
The currency hovers above the level of 0.5 Vibonacci, about $ 0.15, which is a region often linked to upward repercussions. This artistic alignment indicates that the current range can serve as a starting platform for more upward trend in the event of a condensation of purchase pressure.
If Dogecoin attracts renewed attention, there may be a crowd towards the channel’s midfield, near $ 0.4, it is likely to test the levels of resistance higher about $ 0.50 and up to $ 1.3, as it is in line with Fibonacci 1 and 1.618 extensions.
Meanwhile, although Dogecoin has been weighed by the broader market morale, there is still an opportunity for the currency to initiate a reward march based on selected basics.
For example, the move towards the prevailing adoption can increase the purchase pressure, especially if the Securities and Stock Exchange Committee (SEC) agree to the requests of the boxes circulating in the exchange of Doge (ETF).
Doug price analysis
At the time of reports, Dogecoin has been trading at $ 0.17, a decrease of 0.17 % over the past 24 hours. Over the past seven days, the distinctive symbol has decreased about 12 %.
Feelings about the M. currency remain declining, as evidenced by the degree of fear and greed index of 26, which indicates fear in the market.
It is worth noting that Dogecoin is trading less than the simple moving average for 50 days (SMA) of $ 0.2149 and SMA for 200 days at a value of $ 0.2509, pointing to the declining pressure in both short and long -term expectations.
The 14 -day relative index (RSI) at 46.03 significant momentum signals, while current fluctuations are 8.93 %, indicating that the potential upward trend must turn positively.
Distinctive image via Shutterstock
