Crypto analyst Arman Shirinyan states that Dogecoin (DOGE) on-chain indicators have entered a “bearing” state after the coin’s 10% retracement from the previous rally, and the market is not willing to support the rally as the trading volume is constantly falling rather than rising. Arman Shirinyan’s DOGE analysis cryptocoin.com we have prepared for you.
“The rate of profits from Dogecoin (DOGE) is insufficient for a bull market”
According to the analyst, with the sudden price increase in the trading pair, a large number of traders entered DOGE around $0.3 to “catch” the accelerating rally, but due to the fast return and lack of price increase, these addresses are “(out of money)”. The analyst makes the following assessment:
Currently, 23% of DOGE holders are out of profit. This means that their entries were made at a higher price than before. The number of those at a loss increased by 7%, which is an indication of an asset’s correction or consolidation.
On the other hand, the analyst states that the number of profits is still high at 69% and this number should usually exceed 80% for a strong bull market. For cryptocurrencies such as Bitcoin and Ethereum, the number of holders of the coin is currently close to 95%. According to the analyst, a series of whale layer transactions can work both for and against the network, but generally indicates the presence of high network activity, which is a positive sign. The analyst shares the following important information:
Unfortunately, DOGE on-chain data shows that the total number of large transactions on the network has decreased by almost 7%. The margin indicator Net Network remains at -0.3%, confirming slowing network activity and network growth rates.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Disclaimer: The articles and articles on Kriptokoin.com do not constitute investment advice. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.