The value of leading meme coin Dogecoin (DOGE) has climbed 7% in the past 24 hours, benefiting from renewed trading activity in the broader crypto market.
The surge comes amid the significant increase in DOGE’s holding time among traders, a sign that investors choose to accumulate rather than sell.
Dogecoin Bulls Run the Market
The holding time of all DOGE coins transacted over the past seven days has significantly increased. According to IntoTheBlock, it increased by 302% during the review period.
The holding time of an asset’s transacted coins measures the average duration its tokens are held before being sold or transferred. Long holding periods reflect stronger investor conviction, as investors choose to keep their coins rather than sell. This can help reduce the selling pressure in the DOGE market, driving up its value in the near term.
Moreover, this bullish outlook is further reinforced by DOGE’s positive funding rates, which indicate growing confidence among its futures traders. At press time, this sits at 0.0040%.
The funding rate is a fee exchanged between long and short traders on perpetual futures contracts to keep the contract’s price in line with the underlying asset’s spot price.
When an asset’s funding rate is positive, long traders (buyers) pay short traders (sellers) to keep their positions open, indicating bullish sentiment and a higher demand for long positions.
DOGE Price Prediction: $0.32 Within Reach if Bulls Prevail
On its daily chart, DOGE’s rising Chaikin Money Flow (CMF) highlights the weakening selling pressure among its holders. As of this writing, this momentum indicator lies above the zero line at 0.06.
An asset’s CMF measures money flow into and out of its market. A positive CMF value like this indicates strong buying pressure, suggesting that DOGE is being accumulated rather than sold. If buying pressure remains, it could propel the meme coin’s price to $0.32.
On the other hand, if the bears regain market control, they may cause DOGE’s value to go down to $0.24. If the bulls fail to defend this support level, the coin’s price could plunge to $0.19.
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