Dogecoin showing continuous downfall but bullish with seprate positive metric
Consecutively for the fifth month in a row, the red candle for Dogecoin (DOGE) appears to be forming, currently trading at around $0.11, indicating the continuation of the Barish Streak for the biggest competing token.
The red candle indicates that the price is lower than the starting price recorded at the beginning of the month. As for Dogecoin, it’s been four months in a row and it looks like it will continue on the same track for the fifth time.
Dogecoin has continued to be on a downward trend since May 2021, hitting an all-time high of $0.76. As we saw two monthly green candles before another round of decline in August and November 2021, prices recovered slightly and consolidated.
Since May 2021, Dogecoin has realised only two of the eleven monthly candles, compared to a long list of previously recorded green candles.
Over the course of the month, Dogecoin is reaching a critical support level at which progress is possible. The RSI index indicates this, however, indicating further consolidation before the major price jump. Currently, Dogecoin traded slightly lower at $0.114 over the last 24 hours.
Top Dogecoin owners on the other hand appear to be buying discount tokens amid the current market volatility associated with the short-term price action of cryptocurrencies. It should be noted that each market cycle consists of a procurement phase, during which prices are flat and anti-investors see the possibility of buying various tokens at a discounted price.
Over the past 24 hours, WhaleStats reported a 987.76% increase in the average DOGE balance of investors in this category, with the top 100 Dogecoin owners boosting their portfolios. The average DOGE value of their portfolio also increased by 929.33%.
According to data, Dogecoin’s profitability is 53%. As holders are reluctant to sell their positions to Breakdown, more addresses in the money are expected to benefit the network.
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