Dogecoin's Large Nominal Addresses are Growing Like Mushrooming, Is It Time To Buy DOGE?

Bittime – Dogecoin hodlers with large amounts are mushrooming, does this indicate DOGE prices are rising. Will that happen? Check out this article.

Even though the accumulation of large nominal DOGE coin holders is increasing, the DOGE price has the potential to face resistance at $0.15. Traders looking to short sell this coin may stand to lose due to the potential for rapid price recovery.

Doge Coin Holders with Large Nominal Values ​​Increase in Number

Based on data from Santiment, AMBCrypto confirmed an increase in the number of Dogecoin [DOGE] wallets holding between 100,000 and 1 billion coins. This accumulation was observed starting around April 2.

Doge Coin Holder | Data by Santiment

According to Data, Avoid Short Doge

Usually, a spike in ownership in these large wallets is a signal of strengthening demand for the coin. An increase in demand will generally be followed by an increase in DOGE prices.

However, this price increase generally does not occur instantly. This is caused by potential selling actions occurring on other parties.

Rally to $0.18 Possible in the Near Term

As of now, DOGE price is at $0.14, down 28.18% in the last 30 days. However, if more and more large wallets buy up the coin at a discount, then Dogecoin may soon start a rally that takes it back to $0.18.

MVRV Metric Still Indicates DOGE is in a Bullish Phase

Furthermore, AMBCrypto observes the Market Value to Realized Value (MVRV) Z Score. This score shows whether a crypto is in a bearish (decrease) or bullish (increase) phase.

DOGE MVRV Index | Data by Santiment

When the MVRV Z Score is negative, it means the market is in a bear cycle. However, for Dogecoin, this metric is at 52.83%, indicating that the coin is still in a bullish phase.

Nonetheless, this metric is declining, so the price of DOGE could potentially fall again. If this happens, DOGE will probably trade at $0.12.

For a trader, a potential drop to this price may seem attractive. However, it's important to check other metrics before deciding to go "all in."

Check Today's Crypto Market:

DOGE to IDR Price Today

According to Bittime Exchange, the current price of DOGE to IDR (13/05/2024) is IDR 2,227.6 and over the last 24 hours it has decreased by -3.87%.

DOGE to IDR via Bittime Exchange

Wait for a Decline Before Opening a Position

In this section, AMBCrypto analyzes liquidation levels. With liquidation levels, traders can predict the next movement of a crypto.

This is because this indicator shows areas of high liquidity and prices where large levels of liquidation can potentially occur.

Hyblock Analysis

According to Hyblock, high liquidity is only seen at $0.15, meaning DOGE may struggle to reach this price.

If conditions remain like this, you may need to abandon your intention to buy DOGE at this time. However, if the price drops further, then this could be a good entry point.

Looking for the DOGE Entry Point using the CLDD Indicator

For entry points, the Cumulative Liquidation Levels Delta (CLDD) indicator provides insight into Dogecoin predictions. Until now, CLDD is at a negative value.

CLDD Indicator Analysis By Hyblok

A positive CLDD value indicates that there are more long (buy) liquidations in the market. On the other hand, a negative CLDD indicates that the short seller (sell) is experiencing a large loss.

Also Read How To Buy Crypto:

Short sellers need to be careful

This negative CLDD value confirms the latter part of the above statement. For price, the negative reading of this indicator suggests that short sellers may next be “punished”, as Dogecoin could soon start a sharp recovery.

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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.