The downward pressure stopped Renewed momentum in Dujakin After the market gained traction a few days ago, which decreases its price to a little less than the level of $ 0.20. While Dog is struggling with retreat, many participants still stick to Mimi, which reflects strong confidence in her capabilities.
Dogecoin holders remain strong amid fluctuations
Dogecoin faces a problem in restoring its upward momentum, and decisive scales show critical levels that can dictate its next path. Glassnode has a leading financial platform in the world specific A noticeable direction in the dogecoin supplies measures where the Mimi coin faces the declining pressure.
Glassnode reported that development after the movement of the Dogoin UTXO (URPD) distribution scale. Data shows from the main scale that more than 7 % of DOGE supply is concentrated at $ 0.20, which is the third largest group after $ 0.17 and $ 0.07.
Moreover, large capital flows were recorded at this level on January 22, however, the governor may soon bought Dog, which increased the basis of the cost. Nowadays, a 0.20 dollar sign can serve as a short -term resistance.
In the event of a violation of this level, many doge will not be available to the next important URPD group 0.31 dollars. The platform highlighted that the sharp leg is likely to occur due to this gap due to the presence of less resistance between them. Thus, Glassnode alluded to a Possible outbreak When the sound is taken.
After examining the Dogecoin Hodl wave scale, Glassnode revealed that about 15 % of DOGE supplies have been transferred last 6 to 12 months. At the same time, this shift was determined between Owners Who bought the Mimi currency before the gathering between November and December last year and are still sticking to the assets. Such behavior between these investors is an indication of a strong condemnation in the horizons of Dog.
The scale data shows that Hodl waves of 3-6 meters have started to rise since the beginning of March, which indicates large purchases from many investors during the reversal from $ 0.32 to $ 0.41 in January. However, if prices recover at these levels, some will try to sell at a tie point, causing resistance to Dog in the future.
Doga Futures paid size
Glassnode analysis also covers Doge Futures Open benefit (OI) Performance in the past few days. Currently, the open interest value of the future contracts for DogCoin is $ 1 billion compared to the average of November for more than $ 3 billion.
In addition, the SMA size is recovered for 7 days of futures contracts from the bottom, and remains near the levels of October 2024, which is highly driven by the identification instead of the speculative financial lever. Although the volume of futures has risen, DOGE financing rates have decreased near neutrality over the past two days, which reflects another reason that the gathering is more driven by the spot and not by identifying long sites.
Looking at positive developments, the DOGECOIN price may soon recover its upward movements. Tardigrade merchant dealer open Doge comes out of the direction line for 3 months, indicating its capabilities in a short -term gathering.
Distinctive image from Adobe Stock, Chart from TradingView.com
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