Over the past four trading days, the entire cryptocurrency market has been struggling, with prices significantly dropping. Among them, the most popular and largest market cap meme coin, Dogecoin (DOGE), has garnered significant attention from cryptocurrency enthusiasts due to its holders' profitability data.

Profitability of Dogecoin (DOGE) holders

In the past few days, the value of DOGE has dropped nearly 13%, which may be attributed to geopolitical tensions, the upcoming U.S. presidential election, and other factors. According to data from on-chain analysis company IntoTheBlock, despite the price drop, 84% of DOGE holders are still in profit.

Additionally, currently, 12.77% of DOGE holders are in an 'out of the money' state, meaning they may have purchased this meme coin at prices above its current value. Meanwhile, only 3.25% of holders are in an 'in the money' state, which means they are at breakeven.

Current price momentum

As of the time of publication, the trading price of DOGE is close to $0.158, having dropped 2.1% in the past 24 hours. During the same period, its trading volume has significantly decreased by 50%, indicating a reduction in trader and investor participation amid ongoing price adjustments.

According to IntoTheBlock data, despite the significant price drop, DOGE's trading volume has increased by 4.85%, suggesting that bulls are actively participating and may be reallocating funds. Additionally, on-chain sentiment indicates that DOGE is currently in a bullish state, which could support potential price increases in the coming days.

Dogecoin technical analysis and upcoming levels

According to expert technical analysis, DOGE is currently in a bearish channel pattern on lower time frames, appearing to struggle to break through this pattern. Over the past few days, the price has increased by 40%, but has consistently failed to break through.

Based on recent price trends and historical momentum, if DOGE's daily closing price is above $0.163, there is a high likelihood that this meme coin could rise by 30% in the coming days, reaching the level of $0.21.

Currently, DOGE is trading above the 200 Exponential Moving Average (EMA) on the daily chart, indicating an upward trend. The 200 EMA is a technical indicator used by traders and investors to determine whether an asset is in an upward or downward trend, helping them to establish positions accordingly.