Dogecoin’s price is up 7% as traders choose to hold rather than sell. Can DOGE hit $0.32 soon?
Dogecoin Rallies as Holding Time Increases
Dogecoin (DOGE) has jumped 7% in the last 24 hours, benefiting from increased trading activity in the crypto market. A key reason behind this surge is the rising holding time among investors, indicating strong accumulation rather than sell-offs.
According to IntoTheBlock, the average holding time for transacted DOGE has surged 302% in the past week. This trend reduces selling pressure, creating a more stable environment for price growth.
DOGE Futures Traders Show Confidence
Another bullish sign is DOGE’s positive funding rate, currently at 0.0040%. A positive funding rate means long traders (buyers) are paying short traders (sellers) to hold their positions, signaling strong demand and market optimism.
DOGE Price Prediction: Can It Reach $0.32?
Dogecoin’s Chaikin Money Flow (CMF) indicator is above zero at 0.06, suggesting strong buying pressure. If this trend continues, DOGE could climb to $0.32.
However, if bears regain control, DOGE may drop to $0.24 or even $0.19 if support levels break.
