Bittime -Dogecoin prices are indeed falling. On-chain data analysis shows a 21% price drop in the last seven days. However, the good news is, many long-term Dogecoin holders are still profitable!
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Profits Remain High
IntoTheBlock, a blockchain analytics platform , has an interesting metric called “In/Out of the Money”.
This metric measures the number of wallets that are still profitable at the current price, providing a snapshot of holders' sentiment.
The latest data shows 83% (around 5.18 million) of wallets holding DOGE are still profitable.
In contrast, only 13.9% (approximately 870,290 wallets) lost money. The remaining 3.38% (around 211,600 wallets) were at breakeven, i.e. neither profit nor loss.
Who Still Profits?
Please note, this metric includes all wallets. This means that most of those who profit are those who bought DOGE at the start, as seen in the chart.
While many bought when DOGE was rising last March, they are now losing money.
However, the "In/Out of the Money Around Price" analysis provides a better picture, especially for the short term.
Interestingly, 55.26% of wallets that bought between $0.132243 - $0.179879 still made a profit.
Future Dogecoin Predictions
According to Bittime Exchange, currently, DOGE to IDR is trading at IDR 2,586 and is up 1.09% in the last 24 hours.
Doge to IDR via Bittime Exchange
However, the high profitability despite falling prices shows that the majority of holders remain, a positive indicator.
Whale Dogecoin
DOGE owners in large numbers " whales " actually appear to be increasingly active amidst this decline.
IntoTheBlock data shows $744.62 million worth of DOGE transfers left the exchange in the last seven days, while only $671.61 million came in. This means that more investors actually buy when prices fall.
Number of Active Wallets
The “In/Out of the Money” metric also shows the number of wallets buying within a certain price range, helping to identify support and resistance levels.
Currently, there are 111,280 wallets buying between $0.169 and $0.189, creating minor resistance that can easily be broken by bulls (investors who are optimistic that prices will rise).
Also Read How To Buy Crypto:
Resistance dan Breakthrough Dogecoin
While a break above this minor resistance may trigger profit-taking by some buyers, the main hurdle lies above $0.18.
A complete bullish trend reversal and breakout above $0.18 would pave the way for DOGE to return to $0.22, the current high in this bull run.
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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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