The cryptocurrency market as a whole has struggled over the last four trading days and has experienced a significant price drop. In this context, Dogecoin (DOGE), the most popular and largest meme coin, has attracted significant attention from cryptocurrency enthusiasts due to the profit data of holders.
Profit of Dogecoin (DOGE) Holders
Over the past few days, DOGE has lost nearly 13% of its value, possibly due to geopolitical tensions, the upcoming presidential election in the United States, and other factors. Despite the price drop, up to 84% of DOGE holders are still in profit, according to data from blockchain analytics firm IntoTheBlock.
Additionally, 12.77% of DOGE holders are currently 'out of money', meaning they may have bought this meme coin at a higher price than its current value. Meanwhile, only 3.25% of holders are 'at money', meaning they are breaking even.
Current Price Momentum
At the time of reporting, DOGE is trading at around $0.158 and has decreased by 2.1% in the last 24 hours. During the same period, its trading volume has significantly dropped by 50%, indicating less participation from traders and investors amid the price adjustment.
Despite the significant price drop, DOGE's trading volume has increased by 4.85%, indicating that buyers are actively participating and may be moving their funds, according to data from IntoTheBlock. Additionally, on-chain sentiment shows that DOGE is currently bullish, which could support a potential price increase in the coming days.
Technical Analysis of Dogecoin and Upcoming Levels
According to expert technical analysis, DOGE is in a bearish channel pattern on lower time frames and appears to be struggling to break out of this pattern. This struggle follows a 40% price increase over the past few days.
Based on recent price movements and historical momentum, if DOGE closes the daily candle above $0.163, there is a high likelihood that this meme coin could increase by 30% to reach $0.21 in the coming days.
Currently, DOGE is trading above the 200-day Exponential Moving Average (EMA), indicating an uptrend. The 200 EMA is a technical indicator used by traders and investors to determine whether an asset is in an uptrend or downtrend, helping them position themselves accordingly.
