CandleFocus Dogecoin Sees 60,000 New Holders in 10 Days: DOGE Parabolic Run Ahead?
2024-12-13
Author: Content Editor
The number of new Dogecoin (DOGE) investors has increased in recent days, which could potentially lead to a price rally similar to its previous surge. On-chain data shows that the number of DOGE holders has surged to 6.68 million, with 60,000 new holders added in the past 10 days. This surge in holder count is seen as a bullish sign and could push DOGE's price above $0.42. The Market Value to Realized Value (MVRV) ratio also supports this bullish thesis. The current formation on the daily DOGE/USD chart suggests the formation of a bull flag pattern, indicating a potential breakout and a price target of $0.60 or even close to $1. However, if the price drops below the lower trendline of the flag or if the number of new holders decreases, the predicted rally could be invalidated, and the price might sink to $0.33.
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