Bittime - The crypto world is being enlivened by the movement of large Dogecoin (DOGE) investors. The big investors in question are digital wallet owners who pocket more than one million DOGE coins.
According to data from Messari, there are currently more than 4,780 digital wallets that fall into this large investor category.
This high concentration of ownership has led to speculation that these investors could influence the future price of DOGE.
Source: Binance
Even though crypto asset prices are inherently difficult to predict accurately, enthusiasm for Dogecoin, which has been nicknamed the "meme coin", is still relatively high.
Some market observers even predict that DOGE could experience a significant price spike in the current market cycle.
Source: Binance
The potential for large profits, especially those driven by large investor ownership, continues to attract the interest of other investors to dive into the world of DOGE.
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Examining DOGE's Movement: Similarities to 2020 Patterns?
Analysis conducted by Cointelegraph highlights that DOGE's recent movement has tended to stagnate in a price range between $0.055 and $0.181 .
Technically, this price range corresponds to the 0.236 and 0.0 Fibonacci retracement levels.
This means that the DOGE price is currently in the middle between the deepest correction point (0.0) and the highest recovery point (0.236) in the previous cycle.
This sideways (horizontal) movement attracted attention because of its similarity to the market balance phase that occurred between 2018 and 2020.
Source: Binance
During this period, DOGE was corrected in a narrow range, namely between $0.0012 to $0.0056 , before finally exploding and starting an exponential price increase.
DOGE's current attempt to break the 0.236 Fib level (around $0.181) can be considered an attempt to breakout from the consolidation phase.
If DOGE price can stay above this important resistance level, it could be that market sentiment is changing in a more bullish (optimistic) direction.
Also Read How to Buy Crypto:
DOGE Large Investor Activity and Its Impact on Price
Big DOGE investors are of course watching this technical movement closely. Their large holdings give them a strong influence on DOGE price movements. Large buying or selling activities from these large investors can trigger significant volatility, and can even lead to a price trend reversal.
For example, if large investors simultaneously sell in large quantities, this could cause DOGE prices to plummet. On the other hand, if they buy in large amounts, this can push DOGE prices up significantly.
In other words, the movements of these large investors need to be carefully observed by other investors to anticipate future DOGE price movements.
Also Read: Doge Coin (DOGE) Price Prediction According to Crypto Academy
Current Dogecoin (DOGE) Price
According to the Bittime.com market, currently (28/03/2024) the price of 1 Doge to IDR is IDR. 3,179 and in the last 24 hours there was an increase of +9.09%.
Conclusion: Potential Upside with Caution
Although historical movements can be used as a reference, the similarity of DOGE's current movements to the 2020 pattern has revived discussions about DOGE's potential to reach the $1 price that many people desire.
However, market analysts warn that such speculative targets should be viewed rationally.
Crypto asset prices are inherently volatile and difficult to predict. Sometimes, even the most convincing technical patterns can be broken because they are influenced by various other factors, such as global market sentiment, government regulations, and the latest blockchain technology innovations.
Therefore, it is recommended that investors carry out in-depth research and not just focus on price speculation before deciding to buy DOGE.
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How to Buy Dogecoin (DOGE) on Bittime
You can buy and sell Dogecoin (DOGE) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Dogecoin (DOGE) is available on Bittime with the market pair DOGE/IDR . To be able to buy DOGE USDT on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Dogecoin (DOGE) on Bittime .
Monitor price chart movements of Dogecoin (DOGE), Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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