Altcoins Experience Stagnation as BTC Attempts to Boost Appetite

Altcoins Experience Stagnation as BTC Attempts to Boost Appetite

Altcoin sales have stalled, but BTC's attempts to cross $62,000, while feeble, are fueling appetite. Today's ETF application for SOL Coin, with support from other ETF issuers, could initiate a new wave of altcoin growth. However, the anticipation for tomorrow's PCE data and uncertainties surrounding Germany, the USA, and MTGOX BTCs have tempered the positive impact on SOL Coin's price.

Dogecoin (DOGE)

BTC is finding buyers at $61,700, with $61,500 serving as support an hour ago. If BTC sees higher peaks, a return to $72,000 is conceivable. Altcoins could witness significant percentage gains this time. Dogecoin is in an upward trajectory, poised for a breakout. However, certain factors may hinder this.

On the daily chart, DOGE may decline due to investor behavior. The transfer of supply from medium and long-term investors to short-term investors is discouraging for DOGE. Short-term investor supply has increased by 2 billion over the past month.

Thus, total short-term investor supply rose from 10.5 billion to 13.4 DOGE. The risk of long-term investors selling to weaker hands, who are more likely to offload assets readily, raises concerns about short-term price fluctuations.

DOGE Price Prediction

DOGE, confined within a descending wedge, is finding buyers at $0.124. This formation, characterized by converging downward-sloping trend lines, often indicates an upward breakout. To break out successfully, DOGE must surpass the $0.128 resistance.

If a breakout occurs, what is the potential price target for DOGE? The formation targets $0.3. However, the prevalence of short-term investors, as discussed earlier, diminishes the likelihood of a sustained breakout due to potential profit-taking. This could result in a decline to $0.116 if the attempt to break the upper trend line fails. Further down, the expected bottom for DOGE is $0.105.

In the event that the support from the last dip is breached, the upward trend may be suspended temporarily.