The post Can Dogecoin (DOGE) Price Recover From This Failure? appeared on BitcoinEthereumNews.com.

Dogecoin’s (DOGE) price is dropping despite the rest of the meme coins experiencing growth these past few days. The meme coin is facing selling from its whales and very low investor participation, which might be a bane for DOGE. Dogecoin Investors Pass Dogecoin’s price has already failed a potential bullish outcome and could now continue slipping down that path. This is because the whale addresses are opting to sell their holdings to secure whatever profit they have and minimize their losses. The addresses holding between 10 million and 100 million DOGE have sold off over 300 million in the past week. This supply worth nearly $50 million has brought their total holdings down to 17.36 billion DOGE. Dogecoin Whale Holdings. Source: Santiment But in addition to the whales selling, the retail investors also see little incentive in the asset. This is visible in their participation, or more accurately, in the lack thereof.  The active addresses ratio is calculated as the active addresses divided by the addresses holding any balance. This shows that of the total investors with DOGE, what percentage is actively conducting a transaction on the network? Currently, this ratio sits at less than 1% at 0.89%. This shows that not only are investors unsure of their profits, they are certain of the losses, keeping their participation at bay. Read More: Dogecoin (DOGE) vs Shiba Inu (SHIB): What’s the Difference? Dogecoin Active Address Ratio. Source: IntoTheBlock DOGE Price Prediction: After the Fail Dogecoin’s price recently failed the ascending triangle pattern. This bullish continuation pattern suggested a potential 22% rally as the target, but DOGE fell even before crossing $0.190.  The meme coin is currently changing hands at $0.159, holding above the critical support of $0.151. While this is a good sign for DOGE, the broader market bearishness might affect its ability…

---

Filed under: News - @ June 5, 2024 4:22 am