Dogecoin (DOGE) holders who have clung to their coins for a significant period might now be preparing to cash in. There has been a notable movement in DOGE coins held for extended periods, suggesting a shift in sentiment among these long-term investors.

In this analysis, BeInCrypto explores the potential outcomes arising from the movements of these previously dormant coins.

Dogecoin’s Age-Consumed Spikes To 16-Month High

On-chain data shows that Dogecoin’s Age Consumed, which tracks the movement of long-held coins, skyrocketed by over 3,000% on Thursday, reaching 1.02 trillion —its highest since June 2023.

Read more: Dogecoin (DOGE) Price Prediction 2024/2025/2030

When an asset’s age consumed spikes, it indicates that long-inactive coins or tokens have recently been moved or traded.

Typically, the reactivation of dormant coins signals renewed interest from long-term holders, which many consider a bullish indicator. However, for this bullish trend to play out, the influx of newly circulated coins must be met with sufficient demand to absorb the increased supply. 

Yet, an assessment of the DOGE/USD 12-hour chart reveals that no such demand is present in the market. As of this writing, its on-balance volume (OBV), which measures buying and selling volume in the market, is in a downtrend and is positioned at 507.90 billion. When an asset’s OBV is in a downtrend, it typically indicates that the selling pressure exceeds the buying pressure. 

Additionally, the meme coin’s negative Balance of Power (BoP) confirms that demand for DOGE is low. This indicator, which measures the strength of buyers versus sellers in the market, is at -0.34 at press time. A negative BoP suggests sellers are in control and attempting to push the asset’s price downward. 

DOGE Price Prediction: 41% Decline?

As of this writing, Dogecoin’s price sits at the support line formed at $0.13 and may fall below this level as selling pressure strengthens. A decline below this level will shift the meme coin’s focus to the next major support formed at $0.11. If this level fails to hold, Dogecoin’s price may drop to $0.08, representing a 41% decline from its current price.

Read more: How To Buy Dogecoin (DOGE) and Everything You Need To Know

However, rising demand may absorb the new coins in circulation, holding the $0.13 support level. This could potentially set the stage for Dogecoin’s price to rally toward $0.15.

Goatseus Maximus (GOAT), the AI-based meme coin trending recently, has hit a new all-time high after Binance announced that it would list the cryptocurrency. Following this development, the GOAT meme coin price climbed to $0.88.

This development has sparked speculation in the market, with some suggesting that the market cap could surpass $1 billion. Will that happen?

Binance Futures Listing Pushes the Volume Higher

According to the Binance announcement earlier today, the exchange will list the GOAT meme coin on the futures market, and users will be able to trade the meme coin using up to 75x leverage.

Before the disclosure, GOAT’s price was $0.77. But after that, the crypto’s value surged to $0.88 before it pulled back slightly to $0.85. Following the development, the volume surged to a new high of $434.88 million. 

In the crypto market, trading volume represents the total number of coins or tokens traded over a specific period. It is a crucial metric that offers insights into market activity and liquidity, helping to gauge the strength and interest in a particular cryptocurrency.

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If sustained, the rising trading volume, coupled with GOAT’s surging value, could push the price above $0.88. Additionally, the Binance futures listing allows more traders to gain exposure to the AI-driven meme coin.

This trend appears to be taking shape as Open Interest (OI) continues to climb. According to Coinglass, OI in GOAT has surged by 272% in the last 24 hours, reaching $13.82 million, indicating growing interest from the market.

High Open Interest, by itself, signifies strong momentum behind the current market trend. Therefore, if the OI continues to increase, the GOAT’s uptrend will likely persist.

GOAT Price Prediction: Decline Before Rebound

On the 4-hour chart, the GOAT meme coin price has pulled back from $0.88 and is at $0.78. This retracement could be because the meme coin is overbought. For instance, the Bollinger Bands (BB) on the chart shows that the upper line of the indicator has touched GOAT’s price.

While this indicates rising volatility around it, it also indicates that the token has been overbought, as mentioned earlier. Assuming the lower band of the BB touched the price, then it would have been deemed oversold.

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Considering this outlook, GOAT’s price could decline to $0.70, where the 23.6% nominal pullback sits. However, if Open Interest and volume continue to rise, the price is likely to bounce off the slight retracement. In that instance, it could climb toward $1.

Toncoin’s price has struggled to gain upward momentum in recent weeks, repeatedly failing to breach the critical resistance at $5.37 throughout the month. 

This persistent inability to surpass this barrier has created bearish pressure on the cryptocurrency, leading to a loss of traction among investors. As a result, Toncoin’s recent price action has been characterized by stagnation, raising concerns about its future direction.

Toncoin Enthusiasts Back Off

The adoption rate of Toncoin has dropped to a 10-month low of 18%, indicating a sharp decline in new investors joining the network. TON’s Adoption rate, measured by the formation of new addresses on the network, is a critical metric to gauge the health and growth of a blockchain project. A low adoption rate suggests that Toncoin is struggling to attract new users, which could affect its overall market performance.

This decline in adoption signals waning interest in the project, with fewer new investors entering the market. The drop in new addresses also reflects the broader bearish sentiment surrounding Toncoin, as fewer participants are engaging with the cryptocurrency. If this trend continues, it may put additional downward pressure on Toncoin’s price and market activity.

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Toncoin’s macro momentum is also facing challenges, with the Relative Strength Index (RSI) showing signs of a downtrend. The RSI, a key technical indicator, is currently failing to secure its position above the neutral line, signaling increasing bearish momentum. If Toncoin cannot break out of this macro downtrend, the bearish pressure could continue to build, negatively impacting its price.

Additionally, the overall market conditions for Toncoin are weak, as broader cryptocurrency market sentiment remains fragile. The combination of low adoption and a declining RSI suggests that Toncoin is likely to remain in a bearish state unless significant buying pressure emerges to counter the downward trend.

TON Price Prediction: Keeping at a Low

Toncoin’s price has been stuck below the $5.37 resistance since the beginning of the month. A breach of this level is crucial for Toncoin to gain momentum and push toward $6.00. However, given the current market conditions, this breakthrough seems unlikely in the short term.

Despite the bearish sentiment, Toncoin’s price is holding above the $4.86 support level. This suggests that while upward momentum is lacking, Toncoin is likely to remain consolidated within this range, staying above $4.86 but below $5.37.

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If Toncoin can eventually breach the $5.37 resistance and find enough bullish momentum, the price could rally beyond $6.00. This would invalidate the current bearish-neutral outlook, signaling a potential shift in market sentiment.