The crypto market has recently shown signs of strength, with dogcoins not ruled out. Memecoin has jumped over 16% in the last week, but it moves sideways on its last day.
Some on-chain and chart signals suggest that sellers may be preparing to make a profit, leading to short-term pauses or pullbacks. Whether Doge can continue climbing or start slipping can all drop to one important level of support.
The pressure to make profits is built and flows in
The percentage of DOGE profit addresses recently reached around 84%. The same level seen on July 27th before the price fell from $0.24 to $0.19 in just a week. Historically, if too many holders are profiting, some tend to cash out.
Backing up this, Exchange Spot Netflow reversed from $52 million on August 10th to $2.7 million on August 11th. Many Doges have moved to exchange.
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SOPR hints at a cooling-off led by commercial craftsmen
The Used Production Profit Ratio (SOPR) indicates whether the coin is being sold in profit or loss. Reading above 1.0 means that the owner is profiting.
On August 10th, Doge’s SOPR rose to 1.045, close to the level seen in late July, followed by a quick pullback. This is a sign that the market may be near another short-term cooling point. Furthermore, the increase in SOPR matches the sales-based narrative.
The key level of the chart can be determined by the following DogeCoin price
On the four-hour chart, Doge Price is hovering for nearly $0.235 just below the falling trendline of a downward triangle pattern. This setup is often bearish over a short time frame, suggesting integration rather than collapse.
The Fibonacci level acts as the foundation for the descending triangle and appears as the main level of support. The Dogecoin Price is broken past several levels to match the $0.23 mark. In the case of a $0.235 break, traders may need to monitor the following tips:
Surveillance support: $0.22 – This level has become stronger before. If it is held again, the buyer could step in. If it breaks, the price of the dogcoin could be lower. Upside Trigger: $0.24– Clearing $0.246 will break the triangle and the Bulls give another shot at 0.25+.
If it breaks beyond $0.24, the bearish triangle is ineffective and the bullish momentum continues. For now, $0.22 is a line in the sand where you can decide whether Doge continues to rise or see more red candles.
The price of post dog coins faces the risk of making a profit. One important level allows you to determine the next move that first appears in Beincrypto.
