Dogecoin (DOGE), the most popular and largest meme coin, has garnered significant attention from crypto enthusiasts due to its impressive holder profitability Amidst broader market downturn
Despite losing nearly 13% of its value in recent days, a substantial 84% of DOGE holders remain profitable, according to on-chain analytics firm IntoTheBlock. This data highlights the resilience of DOGE holders and their ability to weather market volatility. Additionally, only a small fraction of holders, around 12.77%, are currently “out of the money,” meaning they purchased DOGE at a higher price than its current value.
Current Price Momentum and On-Chain Sentiment
At the time of writing, DOGE is trading around $0.1504, having experienced a 7% decline over the past 24 hours. While trading volume has decreased by 50% during this period, indicating reduced trader and investor participation, the large transaction volume has increased by 4.85%. This suggests that bulls are actively moving their funds, potentially signaling a bullish sentiment for DOGE.
On-chain analysis further supports this bullish outlook. IntoTheBlock’s data indicates a positive on-chain sentiment for DOGE, which could contribute to a potential price rally in the near future.
Technical Analysis and Upcoming Levels
Technical analysis suggests that DOGE is currently in a bearish channel pattern on a lower time frame and is struggling to break out. However, if DOGE manages to close a daily candle above the $0.163 level, there is a strong possibility of a 30% rally to the $0.21 level in the coming days.
Furthermore, DOGE is trading above the 200 Exponential Moving Average (EMA) on the daily time frame, indicating an uptrend. The 200 EMA is a crucial technical indicator used by traders to identify long-term trends.
Also Read: Dogecoin Price Surges 75% In October – What Analysts Predict For 2024 Gains
In conclusion, despite the recent market downturn, Dogecoin holders remain largely profitable, and on-chain metrics suggest a bullish sentiment. While technical analysis indicates a short-term struggle, a potential breakout above the $0.163 level could trigger a significant price rally for the meme coin.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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