Dogecoin may break the all-time high in the near future

The Dogecoin meme coin DOGE $0.07 Binance-Peg Dogecoin -0.23% Market capitalization $0.18 billion VOL. 24 hours $18.4 million has approached a six-month high, and market analysts hope that the coin will be able to overcome this level in the near future.

According to MVRV(the difference between long-term and short-term holders — ed.), the balance between both groups of investors reflects the stability of Dogecoin, as neither side currently has a significant advantage. This balanced state is considered a positive factor.

In general, the positive dynamics of Dogecoin is increasing, as about 29% of investors are now in the black. This may lead to some selling pressure, as historically, at this level, many investors tend to take profits, which creates short-term fluctuations in the market.

According to forecasts, Dogecoin has a chance to reach $ 0.20, which is 21% more than the current level. However, the resistance level of $ 0.17 may become an obstacle, which could potentially slow down growth. If DOGE fails to overcome this barrier, a temporary decline to $ 0.14 is possible, which will require a renewed momentum to continue growth.