Dogecoin Investors Stay Put as Price Fluctuates, Indicating Upcoming Bull Trend
We could see Dogecoin climb fast in the near future, if its investors keep holding onto their coins instead of giving into selling pressure.
As much of the crypto market is dropping this week, losing 5% on average over the last seven days, Dogecoin (DOGE) investors are keeping a tight hold on their tokens.
Dogecoin has lost 28% in the last month, and it is down 4.37% for the last 24 hours, and yet, the selling pressure is not there. We are actually seeing an influx of trade volume for this coin, and that indicator has grown by 166% in the last day.
What this means for investors is that they might see a price jump in the near future. If investors are holding onto their tokens, they are expecting the price to increase and are unwilling to sell while the value is low.
Our Expectation for Dogecoin
This kind of behavior indicates some stability for Dogecoin. When the market is in flux like it is right now, with an overall bear trend, Dogecoin is actually gearing up for a bearish movement in the near future. The holding action of its investors show that they are willing to wait out the low point and not give up on DOGE when it falls.
If DOGE investors continue to use their assets like this, that could improve the coin’s stability and make it easier for new investors to feel confident in putting their money into DOGE.
Dogecoin is quickly building up buying pressure, and that should manifest in a bull trend very soon. What will help is if Bitcoin starts to climb, but Dogecoin may be able to pull off an upward swing independently of what Bitcoin is doing.
With much of the crypto market down at the moment, under pressure from incoming interest rate cuts and high US inflation, Dogecoin does have an uphill battle. But we expect it to rise quickly off the back of its stalwart investors who are showing confidence in the coin’s potential.
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