Dogecoin HODLers stay firm: What this tells us about DOGE’s future

• 
  Dogecoin
  holders
  are
  refraining
  from
  selling,
  potentially
  paving
  the
  way
  for
  a
  price
  increase.
• 
  Technical
  indicators
  suggested
  a
  rise
  in
  momentum,
  while
  on-chain
  data
  showed
  that
  it
  was
  time
  to
  buy.

Dogecoin
[DOGE]
was
one
of
the
few
memecoins
that
refrained
from
joining
the
broader
price
increase
in
the
last
24
hours. 
However,
by
the
look
of
things,
the
coin
might
soon
make
a
move
in
a
similar
direction.

Leading
this
assertion
is
the
Coins
Holding
Time.
Coins
Holding
Time
measures
the
number
of
days
a
coin
has
been
held
without
any
transaction.

HODLing
is
the
name
of
the
game

When
most
coins
are
not
transacted,
it
means
that
selling
pressure
will
be
minimal.
However,
an
increase
in
transaction
activity
suggests
that
sell-offs
might
happen
in
between.

According
to
IntoTheBlock,
Dogecoin’s
Coins
Holding
Time
increased
by
a
staggering
387.03%
in
the
last
seven
days.
This
means
that
holders
are
sticking
to
HODLing.

HODL
stands
for
Hold
On
to
Dear
Life.
In
crypto,
it
describes
a
situation
where
market
participant
decide
not
to
sell
irrespective
of
price
fluctuations.

Should
this
attitude
continue,
DOGE
might
experience
some
stability.
If
buying
pressure
accompanies
it,
the
price
of
Dogecoin
might
increase.

At
press
time,
DOGE
changed
hands
at
$0.12.
This
was
a
20.78%
decrease
in
the
last
30
days.
In
terms
of
trading
volume,
AMBCrypto
discovered
that
it
was
down
by
33%
within
the
same
period.

The
decline
in
volume
alongside
the
month-long
decrease
suggests
that
the
downtrend
was
getting
weak.
Therefore,
it
is
possible
to
see
DOGE
price
bounce
from
the
lows.

The
time
to
buy
DOGE
is
now

Now,
let’s
look
at
the
price
potential
from
a
technical
perspective.
According
to
the
DOGE/USD
4-hour
chart,
the
Awesome
Oscillator
(AO)
had
risen
to
the
positive
region.

AO
is
a
technical
tool
that
measures
momentum. 
Therefore,
the
positive
reading
of
the
AO
suggested
that
Dogecoin’s
momentum
was
increasing.

Like
the
AO,
the
Relative
Strength
Index
(RSI)
reading
also
increased.
However,
the
RSI
had
not
yet
risen
above
the
50.00
neutral
zone.
Hence,
the
price
might
hover
around
the
$0.12
region
for
some
time.

But
a
break
above
the
point
could
send
DOGE’s
price
higher.
Furthermore,
we
identified
potential
price
points
using
the
Fibonacci
Retracement
indicator.

The
Fibonacci
indicator
spots
potential
support
and
resistance
levels.
On
the
chart,
we
observed
that
61.8%
Fib
level
was
at
$0.13,
indicating
that
DOGE
could
move
toward
the
area.

In
a
highly
bullish
case,
the
price
could
rise
to
$0.15.
In
addition,
we
examined
the
price
DAA
divergence.

DAA
stands
for
Daily
Active
Addresses.
It
measures
the
number
of
active
users
on
a
blockchain.
When
put
together
with
the
price,
the
metric
can
tell
when
to
buy
to
when
to
sell
a
cryptocurrency.

Specifically,
an
entry
signal
appears
when
price
grows
more
than
the
DAA. 
On
the
other
signal,
the
metric
indicates
that
it
is
time
to
exit
if
DAA
grows
more
than
price.

---

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---

At
press
time,
Dogecoin’s
price
DAA
divergence
was
-79.13%.
This
indicates
that
participation
rate
on
the
network
is
lower
than
price
growth.

Thus,
it
could
be
time
to
buy
the
coin
before
the
potential
upswing
begins.