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- Over 60,000 addresses bought 36.4 billion DOGE, but Dogecoin faces risks if it can’t reclaim $0.11 soon.
- Analysts warn of potential sell-offs as investors might reduce exposure to minimize future losses.
In a tweet, on-chain analyst Ali Martinez shared that there are about 60,210 addresses that bought 36.4 billion DOGE at $0.11. But if Dogecoin does not reclaim the level soon, its present situation indicates certain bearish narrative.
Martinez cautioned that many investors would decide to sell to reduce losses should DOGE fail to up and keep its price above this level. This can set off a significant sell-off, aggravating the declining trend.
60,210 addresses bought 36.40 billion $DOGE at $0.11! #Dogecoin must reclaim this level soon to sustain a bullish outlook. Otherwise, a failure to do so could lead to a sell-off as investors may seek to minimize losses. pic.twitter.com/BABwVfPGem
— Ali (@ali_charts) October 3, 2024
Meanwhile, DOGE is trading at $0.1078 at the time of writing, up 3.04% over the last 24 hours, and still shows bullish movement over the last 30 days.
Furthermore, displaying indications of recovery is DOGE’s on-chain behavior. Daily Dogecoin transactions have surged, according to the most recent figures.
Rising Interest in Dogecoin as New Addresses Surge by 72%
Also, as we previously reported, there are now 72% more new Dogecoin addresses. Particularly among new investors who might find possibilities behind the price swings of Dogecoin, this shows a rising curiosity in the coin.
Some analysts think the jump shows organic development, which would help the price of the coin should transaction volume keep rising. For many investors, meanwhile, the recovery has not been sufficient to bring the price back to the important $0.11 level.
Fears of a sell-off still loom, so the pressure to keep the price above $0.11 is mounting. Analysts warn that the failure of Dogecoin to recover the level may cause more investment losses, therefore igniting market panic. Under the worst-case scenario, DOGE might see even more drops, which would most definitely affect the coin’s market cap and market sentiment.
