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Dogecoin price action since the beginning of the week has been amazing. Notably, Dogecoin’s price has doubled in the past 30 days, with price data highlighting a 115% increase over this period.
This impressive Dogecoin price rally saw the meme coin break above $0.22 for the first time since April 1st, more than seven months ago. Interestingly, this break means that the price of memecoin is now trading at its highest point so far in 2024. In addition, the Dogecoin price rally has seen many owners fall into profits.
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Dogecoin’s 7-Month High Pushes Most into Profits
Data from IntoTheBlock shows that most DOGE holders are currently profitable due to the recent price rally. In particular, IntoTheBlock’s profitability metric shows that 5.82 million addresses, representing 91.17% of the total addresses, are currently profitable.
Depending on the specific purchase location near the current price, the profitability metric from IntoTheBlock also shows that the majority (62.35%) of addresses purchased between $0.178537 and $0.242947 are making money at the current price.
As we enter a new week, the price of Dogecoin is facing two directions based on the current dynamics of the market and the profit of the owner. Another trend is the massive cooling in the Dogecoin price rally. Although the price is on a rally streak, the recent discovery of a new high of 2024 could see it challenging to break through key resistance levels.
Since a large number of owners are now profitable, some may be inclined to sell and lock in their profits, which may introduce downward pressure on the price. If this wave of profit-taking exceeds buying interest, DOGE could experience significant price pullbacks.
On the other hand, Dogecoin may continue its rally, which could set the stage for further gains next week. If the buying momentum continues at this pace, Dogecoin could easily approach $0.7316 before the end of the year. At the time of writing, DOGE is trading at $0.2352 and is up 11.5% in the last 24 hours.
The analyst says that Dogecoin will reach $1.17 soon
Only time will tell if the Dogecoin price will maintain its upward momentum or enter a consolidation phase. Still interested in the bullish momentum, crypto analyst aka Mags (@thescalpingpro) on social media platform X predicted a further rally in the coin’s price.
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According to Mags, we are currently in a meme coin supercycle. In addition, the Dogecoin price chart shared by the analyst highlighted the upcoming parabolic rally of Dogecoin, as it looks like it is bursting above the testing pump at the beginning of the year. Therefore, Mags predicted a Dogecoin price rally with a target of $1.17, which would represent a 400% increase from current prices.
Image from X: @thescalpingpro
“The $ DOGE pump will melt your face,” said the analyst.
Featured image from Marly & Dan, chart from TradingView
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