On-chain data shows positive investor sentiment as analysts expect the price of the popular meme coin Dogecoin to rise. According to the data, the number of long-term DOGE holders continues to increase rapidly despite the lackluster performance in the second half of 2021.
Meme coin Dogecoin price continues to make progress
Dogecoin price has been in a continuous downtrend since its all-time high in May 2021, as we have also reported on Kriptokoin.com. Dogecoin price has set local lows and highs since May 3, 2021. Combining these swing points using trendlines results in the formation of a falling wedge, according to analysts.
Tech formation forecasts to reach $0.216, a 75% increase obtained by adding the distance between the initial high and low swing to the breakout point. Interestingly, Dogecoin price broke the upper trendline of the falling wedge from $0.123 on March 21. Since then, DOGE has rallied 21 percent and has already started the week in the green, showing further gains in the near future, according to experts.
Number of investors holding DOGE growing
From a technical perspective, the number of long-term investors or holders holding DOGE for more than a year seems to be increasing despite the lackluster performance of Dogecoin price for most of 2021 looks. The number of such investors has increased from 1.7 million to 2 million since 2020, indicating a 17 percent increase at current price levels and owners interest.
Interestingly, those who usually hold DOGE for less than a year also jumped from 1.92 million in March 2021 to 2.05 million in March 2022. However, between March 9 and March 28, a large number of these investors seem to have exited their positions. Regardless of the largely bullish outlook for Dogecoin price, FXStreet analysts expect a bearish outlook if DOGE retraces last week’s gains. However, a weekly candlestick below $0.11 will open the way to explore lower levels such as $0.087.
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