Cryptocurrency exchange Robinhood is accumulating Dogecoin on behalf of investors. DOGE price may enter an uptrend as investors in the stock markets accumulate DOGE. This development reduces the circulating supply.
Robinhood wallets hold a third of the DOGE supply held for investors in the exchange. The exchange maintains DOGE in eight wallet addresses on behalf of traders on its platform. Historically, when investors keep Dogecoin in their wallets, the circulating supply of the meme coin decreases. The decrease in supply could trigger a rally in Dogecoin.
Robinhood holds DOGE worth $5,103,183,345. That means there are 42.3 billion DOGEs stored at eight known addresses. The wallet balance accounts for 31.90 percent of DOGE's supply.
Analysts have evaluated the Dogecoin price trend and are predicting a rally. FXStreet analysts believe that the Dogecoin price could gain 45 percent. Analysts believe $0.18 is critical for DOGE price. In October 2021, the capitulation zone started below $0.18. This development makes $0.18 a critical psychological level for Dogecoin price.
DOGE price dropped further each day after it slumped below $0.18. Therefore, analysts argue that above $0.18, the upward momentum of DOGE price could gain momentum and climb higher by gaining 35 percent.
Dogecoin (DOGE) What is the Latest Status?
DOGE, which is positioned at the full support level, can make very sharp decreases after breaking the support at the $ 0.1150 level. DOGE, which can experience a pullback to the descending triangle target level of $ 0.095, can possibly hold on to the psychological support of $ 0.10. Although the descending triangle formation is a bearish pattern, it can also be broken up at certain times. If DOGE breaks down, it can break the selling pressure and reach the $0.145 – $0.150 levels.