Dogecoin (DOGE) is among the favorite cryptocurrencies since the recent price hike, currently over 89% of the holders are enjoying profits on their accounts.
This has happened again to focus the attention of the meme coin and attracted both the old and new traders and investors in the market. This could be the start of a bigger trend since Dogecoin (DOGE) continues to increase based on the opinions of experts.
🔸🔶Just 10% of Dogecoin Holders Are in Loss, 89% Are in Profits
This memecoin has risen through the ranks in the crypto market. The Dogecoin crypto defined the beginning of memecoins, like Shiba Inu and Pepe, which has a huge community now. The last crypto news suggests that Dogecoin holders are 89% in profit.
The data that can be extracted from IntoTheBlock shows that, in general, only 10% are in losses. This increase in profitability comes after the Dogecoin price rally that shook the entire memecoin space.
DOGE went bullish in the wake of the U.S. election results. The price hike was observed immediately after Trump’s victory, the crypto even reached the crucial level of $0.200.
Currently, data from CoinMarketCap shows the value of the meme currency has increased by 60% on the weekly chart and 120% on the monthly level. Dogecoin (DOGE) has flown to its weekly high of $0.24 and continues to trade in the green region.
Technical indicators like the RSI and MACD point to the upside. Nevertheless, investors should be careful when trading at these important levels, as profit-taking could lead to a downtrend.
🔸🔶Analysts Weigh in on Dogecoin (DOGE) Future Movement
Responding to the latest uptrend in the market, experts say Dogecoin (DOGE) is in for a long ride to the top. According to TradingView analystMadWhale, the token could likely continue to rise to its monthly resistance at $0.23 and $0.34.
In particular, the increase from the current DOGE price to the resistance levels will require a 23% and 82% increase, respectively. However, MadWhale stated that if Dogecoin is to break through the monthly resistance at $0.34, then it will be ready to go on the next leg of the journey to new highs.
Another analyst who is optimistic about the Dogecoin token is Chimp of The North. The expert posted a chart on X which showed the value of the cryptocurrency soaring to $0.2500. Additionally, Coochie Fiend says a rise to $4.20 could happen this cycle based on a golden bull pattern.
Furthermore, the market analyst Ali Martinez predicts a steeper parabolic rise in the price of Dogecoin (DOGE). He initially set a target of $10 for the meme coin and then recently suggested it could skyrocket by over 11,486% to $23.
