The price movement of Dogecoin since the beginning of the week is not surprising. Notably, Dogecoin's price has doubled in the past 30 days, with price data showing a 115% increase in this timeframe.
This impressive Dogecoin price rally has seen the meme coin surpass $0.22 for the first time since April 1, more than seven months ago. Interestingly, this rally means that the memecoin is now trading at its highest level so far in 2024. Furthermore, the Dogecoin rally has seen many more holders achieve profits.
Dogecoin reaches a 7-month high, pushing most into profit.
Data from IntoTheBlock shows that the majority of DOGE holders are currently in profit thanks to the recent price surge. In particular, the profit metrics from IntoTheBlock indicate that 5.82 million addresses, accounting for 91.17% of the total addresses, are currently in profit.
Regarding specific buying zones close to the current price, profit metrics from IntoTheBlock also show that the majority (62.35%) of addresses buying in the range of $0.178537 to $0.242947 are currently in profit at the current price.
As we enter the new week, Dogecoin's price will face two paths based on current market momentum and the profits of holders. One scenario is a significant cooldown in the Dogecoin rally. Although the price is on an uptrend, achieving new highs for 2024 recently could present challenges in overcoming key resistance levels.
With a large number of holders currently in profit, some may tend to sell and lock in their gains, which could put downward pressure. If this wave of profit-taking exceeds buying demand, DOGE could experience a significant price drop.
On the other hand, Dogecoin could continue its price uptrend, setting the stage for further rallies next week. If the buying momentum continues at this pace, Dogecoin could easily reach its all-time high of $0.7316 before the year ends. At the time of writing, DOGE is trading at $0.2352 and has risen by 11.5% in the last 24 hours.
The analyst stated that Dogecoin will soon reach $1.17.
Only time will tell if Dogecoin's price will maintain its upward momentum or enter a consolidation phase. Still in the interest of the price uptrend, a cryptocurrency analyst nicknamed Mags (@thescalpingpro) on the social media platform X has predicted that the price of this coin will continue to rise.
According to Mags, we are currently in a super meme money cycle. Furthermore, the Dogecoin price chart shared by the analyst has highlighted an upcoming parabolic price increase for Dogecoin, as it seems poised to surpass a test pump early in the year. Therefore, Mags predicts a Dogecoin rally with a target of $1.17, representing a 400% increase from the current price.
"The $DOGE pump will amaze everyone," the analyst said.
