Dogecoin (DOGE) Skyrockets 9% This Week, Here's What's Next

Over the last 24 hours, Dogecoin (DOGE) has been on a wild ride, proving to be one of the best performers in the crypto market.

Dogecoin (CRYPTO: DOGE) has seen a wild ride over the last 24 hours, emerging as one of the best performers in the crypto market. The momentum appears set to continue, with a massive surge in addresses turning profits.

While a forecast by CoinCodex suggests DOGE may see a dip of around 14% by the end of September, it has done little to dampen investor enthusiasm. This, for many, tells another twist in Dogecoin’s unpredictable journey.

At the time of writing, DOGE was trading down 3.6% over 24 hours at $0.1083, but still up 9% over the last week, according to data from Coingecko.

More Addresses Profitable: The latest price rally has seen 73% of Dogecoin addresses turn “in-the-money.” This equates to 4.72 million addresses that are currently realizing gains.

On the other hand, there are 1.61 million addresses, or 25.04%, that are still in the red. A small percentage — 1.34% — are breaking even.

Interestingly, many analysts argue that if DOGE manages to conquer the resistance at $0.139, the number of profitable addresses will surge to 80%. This is significant because it would instill confidence among investors, leading to more buy-ins and higher prices.

Whales Not Fazed: Despite talks of a potential price drop, whales — the large holders in the Dogecoin market — are not too concerned.

Data from Santiment also shows that such large holders are, in fact, piling on to their positions in DOGE. Those holding between 100,000 to 1 million DOGE now represent 6.14% of the total supply.

Those holding between 10 million to 100 million DOGE have also been locking in their stash and now represent 12.92% of the supply at press time.

This accumulation in a sticky manner shows a whale community looking to play the long game, ignoring short-term fluctuations while betting on Dogecoin in their portfolio.

Importance Of $0.139: For Dogecoin to take an important step in the direction of a sustained move, it needs to gain strength above $0.139. The level is derived from a long-term moving average, and what makes it interesting is that it has also acted as sticky long-term resistance for DOGE.

If that level is breached, there is a large presence of profitable addresses at that point. This could, in turn, fuel further buying pressure, pushing the price even higher.

On the other hand, if DOGE fails to rise above this critical level, the expected dip could materialize, leading to a period of consolidation.

Mixed Sentiments: So, what’s next for Dogecoin? The sentiment is a bit of a mixed bag. The Fear & Greed Index currently stands at 54- neutral, which shows that the market does not house extreme fear or overwhelming greed.

Over the last 30 days, DOGE has had 33% green days, which indicates that there is activity in the market — not hot, but at least it’s not stagnant either. There is enough movement to keep things interesting.

All in all, Dogecoin will likely continue to be a coin that you cannot afford not to watch very carefully.