Welcome to the Extreme Investor Network blog, where we provide you with valuable insights and analysis on the latest trends in the stock market, trading, and Wall Street. Today, we are focusing on Dogecoin and its recent price movements in relation to the 30-day Moving Average.
As of November 2, 2024, Dogecoin’s price is currently trading 22% higher than the 30-day Simple Moving Average (SMA). This means that miners who have acquired DOGE over the last month are holding an estimated $10 million in unrealized profits. This signals a bullish sentiment among key stakeholders, as they anticipate further price increases in the near future.
One key indicator that supports this bullish outlook is the accumulation of 300 million DOGE by miners over the past month. This accumulation effectively reduces the number of newly-mined coins entering the market supply, creating favorable conditions for rapid price upswings during periods of high-demand.
Looking ahead, market watchers are keeping a close eye on the upcoming election on November 5. With Trump leading the crypto betting polls, there is anticipation that a Trump victory could trigger a flash rally for Dogecoin, potentially pushing the price towards $0.20.
Currently, Dogecoin’s price is holding above the $0.16 support level, indicating resilience in the face of profit-taking. The recent rally tested the upper boundary near $0.19, potentially weakening the resistance level. If Dogecoin can break above the $0.1795 middle line of the Donchian Channel, this could pave the way for another attempt at $0.20, especially if a Trump win sparks buying pressure as expected.
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