Dogecoin's uphill battle beyond $0.17
In recent sessions, Dogecoin [DOGE] has maintained a steady position with no notable fluctuations.
Yet, its current pricing marks a pivotal demand juncture. Deviations above or below this marker could herald a substantial price transformation. What has been the trend in holder count within this pricing spectrum?
Encountering Pushback at a Crucial Demand Zone for Dogecoin
An examination by AMBCrypto of Dogecoin’s activity on a daily chart indicates a seesaw pattern of gains and setbacks in recent weeks.
Take the scenario of May 25th, when Dogecoin registered a 6.18% surge, uplifting its rate from about $0.16 to near $0.17.
This upturn, however, was fleeting, as a 4.50% dip quickly reverted its value to the $0.16 vicinity.
The analysis identified a buildup of resistance in the $0.16 to $0.17 price zones, which double as crucial demand sectors. Close to 75,000 wallets have scooped up nearly 10 billion DOGE at these levels.
At these rates, DOGE’s market cap hovers around $1.7 billion. Hence, surpassing this resistance could markedly alter its price trajectory.
At the moment of penning this, DOGE traded at about $0.17, marking an uptick of more than 3%. Moreover, a recent crossover spotted by the stochastic indicator hints at possible forthcoming price actions.
Stable Dogecoin Holder Count
While the contemporary price echelon is deemed a key demand zone, it hasn’t sparked heightened interest among traders aiming to purchase Dogecoin at this valuation.
Scrutiny reveals that the aggregate Dogecoin holder count has stayed consistent in recent days, with negligible expansion in holder numbers when tracing further back.
Sentiment data points to a total holder count of 6.65 million as of this narrative, a figure that’s been steadfast since May 20th.
This holder tally has fluctuated within this range for a protracted duration.
The 30-day MVRV Ratio for DOGE
Despite a subdued price movement, Dogecoin’s 30-day Market Value to Realized Value (MVRV) ratio presented a hopeful aspect.
The MVRV ratio stood at around 6.2% according to the latest data, staying in the positive terrain since May 20th. Consequently, traders who ventured into Dogecoin during this frame have been netting an average profit margin of over 6%.
