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Is It That Traders Are Not Willing Dogecoin Price To Hit $1?

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    Dogecoin price in recent times is showcasing immense bullish momentum to reach the immediate target of around $0.5

    Yet the alternate day sell-off is hindering the pace and hence compels the price to trend within a narrow range

Dogecoin price was anticipated to have lost track after Elon Musk’s SNL snub as it remained within the closed doors. The narrow trend invited many lower predictions which went to as low as $0.18 too. However, DOGE price, displaying its ability to propel towards the north, had a long jump including certain breaks.

If the price movements from the past month are considered, it continued to trend within the close margin. No doubt, the price initiated the monthly trade with a bullish note and traded above $0.4 levels, yet it was only short-lived. Since then, the price kept on losing the grip and shed the gains in equal intervals.

Also Read: Dogecoin Price Roars as Elon Musk Gets Into Action!

Despite the price is attempting to inculcate bullish momentum frequently, yet is an inch behind to capture the pace. One of the reasons behind this gap may be to keep the price low-key. This may help the traders or the whales to accumulate as much as possible at discounted rates. 

According to the data on bitinfocharts.com, the fifth largest Dogecoin holder is constantly selling or transferring DOGE. Moreover, the activity accelerates with each of Elon Musk’s mentions. And hence one can assume, this kind of blockchain address may be for a broker like Binance or Robinhood. However, the top 4 addresses are much passive and do not go with the price movements. 

dogeaddress

Considering the DOGE price movements, it is pretty clear that this address activity may have a huge impact on the dogecoin price. The balance remained low till 22 June and suddenly spiked thereafter. The price also slumped down within a similar time frame. Therefore, by analysing closely the doge movements, one can incur reasonable profits at a stipulated time frame.

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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