Despite A Stormy Market, Dogecoin Addresses Skyrocket To Over 6 Million
2024年8月17日 - 6:00PM
NEWSBTC
Dogecoin has been a focal point in the cryptocurrency world, and a
mix of positive and negative signals is setting its future. On one
hand, the number of Dogecoin addresses has been increasing. On the
other hand, the recent technical analysis gives less reason for
optimism over the short to medium term. What must investors make of
this dual narrative? Related Reading: Cosmos Price Analysis: Why
This Analyst Says ATOM Has ‘A Great Chart’ Dogecoin Rising
Adoption: Silver Lining Data from the latest charts on Crypto Daily
Trade Signals reveal that the number of Dogecoin addresses with a
balance has grown to 6.56 million, up 20% from eight months ago.
Such an adoption swing indicates that more people are holding on to
their DOGE for further gains. This has developed into a strong vote
of confidence in the cryptocurrency while its price has been unable
to gain traction. #Dogecoin Addresses Hit 6.56M IntoTheBlock’s
addresses metric highlights a continued increase in the total
number of Dogecoin addresses with a balance. In the last eight
months, addresses in the ecosystem grew 20.1% to 6.56 million from
5.43 million. Dogecoin price decline since…
pic.twitter.com/A3im2BrcV0 — Crypto Daily Trade Signals
(@cryptodailyTS) August 16, 2024 This optimism, however, is
somewhat offset by several short-term indicators. According to
IntoTheBlock, the price of Dogecoin has been trending down despite
the steady increase in active addresses. The Fear & Greed Index
currently rests at 25, which translates to “Extreme Fear,” a direct
indication that the market is in a state of worry. This often leads
to increased selling pressure, further depressing prices. Bearish
Short-Term Forecast: Should You Be Worried? Technical analysis by
crypto price prediction platform CoinCodex indicates further
bearish action in the immediate future for Dogecoin. It is
estimated that by September 16, 2024, Dogecoin will drop by 14% to
a price target of $0.087023. This is supported by the fact that
over the past 30 days, Dogecoin has only spent eight days positive,
indicative of its downward trend. The price volatility has been
high at 11% over the last month, indicating extreme swings in
prices and uncertainty in the market. This kind of volatility at
these levels, along with such extreme fear in the market, further
indicates that there may be more downward pressure on Dogecoin in
upcoming weeks. In that case, this may not be a good time for one
to invest in DOGE. Contradictory Signals: What’s The Real Story?
The contrast between the rising number of Dogecoin addresses and a
bearish price forecast is rather puzzling. On one hand, the growing
user base could be viewed as an ultra-bullish sign: more interested
people and prospects for further development. On the other hand,
negative technical indicators and fearful sentiment of the market
cast a shadow. Related Reading: Is Dogecoin (DOGE) Headed For A 40%
Slide? This Analyst Thinks So A falling wedge that usually has a
bullish bias in price action has dominated Dogecoin recently.
Though this is the case, considering market conditions, such a
breakout looks unlikely in the near future. In the setting of the
resistance at $0.11, analysts are not very sure that it shall be
reached due to the existing bearish sentiment. Dogecoin is in a
mixed-signal situation at the moment. While the adoption continues
to increase, the short-term technical analysis leans bearish. The
Fear & Greed Index, coupled with the recent price performance
and high volatility, is all indicating that the market does not
favor Dogecoin at this point. Featured image from ZyCrypto, chart
from TradingView
Mina (COIN:MINAUSD)
過去 株価チャート
から 7 2024 まで 8 2024
Mina (COIN:MINAUSD)
過去 株価チャート
から 8 2023 まで 8 2024