In what could be a delightful pattern to notice for Dogecoin (DOGE) investors, historical data points to big price change. If we analyze an important indicator historically, Bitcoin showed a similar price trend on four occasions. Over the past one month, DOGE price rise was hardly seen although there were some fluctuations on regular intervals.
Sudden Drop In DOGE Mean Dollar Invested Age
According to Santiment Insights, there was huge drop in the token’s Mean Dollar Invested Age. In the space of just three days (July 18 to 21), average investments in DOGE went up from 264 days to just 207. This clearly indicates the possibility of a huge price change in near future. As of writing, DOGE price stands at $0.06659, down 2.26% in the last 24 hours, according to CoinMarketCap. On a weekly basis, the token is up by around 3.00%.
More importantly, it is highly possible that more drop in the mean dollar invested age is still yet to come. This makes DOGE a favorite to lookout for in the crypto trading space.
“Dogecoin looks like a good asset to keep an eye on, with its MDIA going all the way back to May levels in just a blink.”
What Is Mean Dollar Invested Age And How It Could Lead To DOGE Price Rise?
The mean dollar invested age is defined as the average age of all coins weighted by the purchase price. Simply put, the indicator is the average age of the dollars that are invested in any token, in this case DOGE. If an asset’s mean dollar invested age starts to fall, it could mean that a price rise is highly likely in near future.
Historically, Bitcoin’s mean dollar invested age took a dip four times. On each of there occasions, a major price rise was seen afterwards, according to data from Santiment. This could prove to be a good example to show major price change followed by a change in the mean dollar invested age.