According to the data, 75% of DOGE holders are in profit at the current price levels. However, during the period when the coin did not see major volatility, most holders avoided losses. This is a significant bullish sign as it shows that the overall situation is not too bleak
Dogecoin is the largest meme coin by market cap and has been enjoying strong support from the community. The increase in profitability for holders will ultimately bring more confidence to Dogecoin holders. This may also encourage more traders to jump on the Dogecoin bandwagon, ultimately leading to huge profits
Most importantly, the indicator highlights that while it is currently in a consolidation period, DOGE is still in a broader bullish trend. As the meme coin is still well above the key support level, it has not entered a bearish phase yet. The current stagnant phase is a result of the extended volatility in the cryptocurrency market
Dogecoin is now trading at $0.1211, down 3.94% in the past 24 hours. It seems to be facing strong resistance from the $0.127 level. The meme coin has been rejected from this reward zone several times in the recent past. But the overall outlook is still not too pessimistic
Dogecoin's trading volume has soared 10.77% in the past 24 hours. The current trading volume has reached 675.66 million US dollars. This increase reflects the increase in trader participation. Increased trading activities usually indicate increased market confidence. With the strong support of traders, Dogecoin prices may rebound
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