The overall cryptocurrency market has been struggling for the last four trading days and has experienced a notable price decline. Amid this, Dogecoin (DOGE), the most popular and largest meme coin, has gained significant attention from crypto enthusiasts due to its holders’ profitability data.
In the past few days, DOGE has lost nearly 13% of its value, likely due to geopolitical tensions, the upcoming presidential election in the United States, and other factors. Despite this price decline a significant 84% of DOGE holders remain profitable, according to data from the on-chain analytics firm IntoTheBlock.
Additionally, 12.77% of DOGE holders are currently “out of the money,” meaning they likely purchased the meme coin at a price higher than the current value. Meanwhile, only 3.25% of holders are “at the money,” meaning they are at breakeven.
At press time, DOGE is trading near $0.158 and has experienced a price decline of 2.1% over the past 24 hours. During the same period, its trading volume significantly dropped by 50%, indicating lower participation from traders and investors amid ongoing price correction.
Despite the notable price decline, DOGE’s large transaction volume has increased by 4.85%, suggesting that bulls are actively participating and may be moving their funds, according to data from IntoTheBlock. Additionally, on-chain sentiment indicates that DOGE is currently bullish, which could support a potential price rally in the coming days.
According to expert technical analysis, DOGE is in a bearish channel pattern on a lower time frame and appears to be struggling to break out of this pattern. This struggle follows a 40% price surge over the past few days.
Based on recent price action and historical momentum, if DOGE closes a daily candle above the $0.163 level, there is a strong possibility the meme coin could rally by 30% to reach the $0.21 level in the coming days.
Currently, DOGE is trading above the 200 Exponential Moving Average (EMA) on the daily time frame, 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 build their positions accordingly.
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