Dogecoin’s Market Structure Shows Positive Indicators
- Dogecoin is trading around $0.14451, with a healthier market structure than previous bear phases.
- The Mayer Multiple for Dogecoin is at a subdued level of 0.66005, indicating it is not in overheated conditions.
- Recent on-chain data shows a spike to over 71,589 active addresses, the largest since September.
- Whales have accumulated approximately 480 million DOGE within a short span of time.
- A key resistance level is identified at $0.20, where over 11.72 billion DOGE were accumulated.
Recent data reveals that Dogecoin’s market structure is healthier compared to past bear phases, supported by increased network activity and whale accumulation. The Mayer Multiple remains below historical peaks, suggesting potential for growth without overheating risks.
These indicators suggest that Dogecoin could potentially target higher levels if the market can absorb supply around the $0.20 resistance zone and maintain current on-chain activity trends. (Source)
