Dogecoin (DOGE) has experienced a significant price increase, reaching $0.3653 after a 18% surge in 36 hours. This resurgence has led to speculation about potential future price targets, with some analysts predicting the possibility of DOGE reaching $0.7 or even higher. Santiment data analysis of realized cap HODL waves provides insights into market participant behavior, revealing an increase in trading activity and potential growth opportunities.
Doge coin ( DOGE ) has recently seen a notable price increase, surging by 18% in just 36 hours. This upward movement propelled DOGE from its Monday low of $0.3097 to $0.3653 on Wednesday, leading to a retest of the $0.36 resistance zone, a significant area of both demand and supply since mid-November. This surge in price has sparked speculation about potential future gains, with some analysts suggesting that DOGE could reach $0.7 or even higher.
Santiment data analyzed the realized cap HODL waves across various timeframes, providing insights into market participant behavior. Realized cap is a metric that considers the value of each coin at its last transaction to calculate the market cap, offering a more accurate representation of an asset's value compared to simply multiplying the current price by circulating supply. This analysis revealed an increase in the realized cap from 7-day to 90-day intervals, indicating heightened trading or buying activity in the short to medium term. During the previous cycle peak in April 2021, the 30-60 day realized cap HODL waves reached almost 49% a month after DOGE's all-time high. Currently, this HODL wave stands at 27%. However, the 1-7 day HODL wave has declined in recent weeks, suggesting that short-term holders are less inclined to sell and anticipate further price appreciation. Conversely, the 90-day to 365-day HODL waves have also decreased, indicating that longer-term holders are realizing profits by selling their tokens. This shifting market sentiment over the past six weeks could be driving these trends. The uptick in the 7-90 day realized cap HODL waves is a positive sign, suggesting a growing confidence among medium-term holders.
DOGE Dogecoin Cryptocurrency Price Surge Market Analysis Realized Cap HODL Waves Trading Activity Future Price Predictions
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