CandleFocus Dogecoin (DOGE) Long-Term Holders Could Trigger a Price Drop
2024-10-24
Author: Content Editor
Dogecoin (DOGE) holders who have held their coins for a long time are now starting to sell them, according to on-chain data. The spike in activity suggests a shift in sentiment among long-term investors. While the reactivation of dormant coins is typically seen as a bullish indicator, there is no significant demand in the market currently. The on-balance volume (OBV) and negative Balance of Power (BoP) suggest that sellers are in control and attempting to push the price down. Currently, DOGE's price is at $0.13, and if it falls below this level, the next support is at $0.11. However, if rising demand absorbs the new coins in circulation, the price could potentially rally towards $0.15.
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