43 Billion Dogecoin (DOGE) Battle: Will Price Make It?
2024-10-06

The cryptocurrency community's favorite Dogecoin is trading in a substantial 43 billion DOGE price cluster. Based on on-chain data, this concentration indicates that a large number of addresses are holding DOGE within a narrow price range. Will the price overcome resistance or break through is the question we are asking right now.
Thirteen point seven thousand addresses are currently at the money or holding DOGE at a breakeven price between zero and eleven dollars, according to the active addresses by profitability data. Given the large volume of DOGE in this range, it is important to note that holders of this cryptocurrency are likely to respond to changes in price by pushing the market higher or lower.DOGEUSDT Chart by TradingView
Only 13.31% of addresses based on price performance are in the money or profitable at the current price of about $0.109. From a technical perspective, DOGE has seen volatility over the past months. The daily price chart reveals that DOGE is currently trading below the longer-term moving averages — 100 EMA and 200 EMA — which often signals bearish sentiment.
However, the price is consolidating near the 200 EMA, which could either act as strong resistance or trigger a potential breakout if momentum picks up. The Relative Strength Index around the 50-mark suggests neutral momentum. If DOGE can break above key resistance levels, particularly $0.120, it could ignite a rally. On the downside, if sellers take control, a retest of the $0.09 level is possible.
On the flip side, 17.79% of addresses are out of the money or holding DOGE at a loss, creating potential resistance as those holders might sell off once the price recovers. With 69 percent of the total addresses breaking even, this cluster plays a pivotal role in the near-term price direction.