Dogecoin Price Steadily Resumes Uptrend With 72.5% Addresses In Profit

Dogecoin Price Poised for Upward Momentum

Dogecoin (DOGE) and major cryptocurrencies are expected to experience significant gains towards the end of August. This surge is anticipated due to increased liquidity ahead of the annual Jackson Hole Symposium in Wyoming. Investors anticipate Federal Reserve Chair Jerome Powell to reaffirm the central bank's commitment to reducing interest rates starting in September and provide guidance on general economic policy.

Dogecoin Price Movements Influencers

• 72.5% of Holders in Profit: Data from IntoTheBlock reveals that a substantial portion of Dogecoin holders are currently reaping profits. This positive sentiment bodes well for the cryptocurrency's future.
• Whale Activity: Santiment data indicates that whales remain enthusiastic about DOGE. Accumulation patterns from whales with holdings ranging from 100,000 to 1 million tokens and addresses holding 10 million to 100 million DOGE suggest a bullish outlook for the asset.

Dogecoin Price Analysis

Dogecoin has been consolidating below $0.11 resistance since early August. However, a recent surge of 2.8% indicates a potential breakout. Technical indicators, including the 20-day EMA and MACD, reinforce the bullish sentiment.

A breakout above $0.1137, the 50-day EMA resistance, could trigger a falling wedge pattern breakout. This pattern, formed by two higher lows and three higher lower lows, points to a potential surge of 71.5%. The target is derived from the distance between the first swing high and low and extrapolated to the breakout point.

Caution and Outlook

Traders should exercise caution and monitor potential resistance levels at $0.14 and $0.18. The GIOM model also highlights a potential correction zone at $0.125, where a significant number of holders may sell for profit, adding pressure on the rally.

Overall, Dogecoin is poised for an upward trajectory, driven by increased liquidity and support from both retail and institutional investors. However, it is essential for traders to remain vigilant and manage risks accordingly.