The Dogecoin price is trading at $0.1511 as of 2:30 am EST, up 0.07% over the last 24 hours. The price of the proof-of-work token has rallied 90% over the last 90 days and is up close to 60% year-to-date.
Strong project on-chain data and an anticipated bull market in 2024 suggest that the layer 1 token could continue rising in the long term.
On-chain data from IntoTheBlock shows that Dogecoin is among the cryptocurrencies with the highest holder profitability.
In an April 24 post on X social media platform, the market intelligence firm shared the following chart showing that DOGE has 83% of its holders in profit.
Holders profitability for different coins. Source: IntoTheBlock
Holder profitability refers to the total percentage of investors or addresses on a given cryptocurrency network that are currently sitting on net unrealized gains.
Generally, such investors are more likely to participate in selling at any point, increasing the risk of mass selloffs at any point. What does this mean for Dogecoin?
Dogecoin price stares at an abyss as more losses loom
On March 28, the DOGE price reached a high of $0.2289. Profit-booking and wider market turmoil saw the popular meme token drop to as low as $0.130 before recovering to its current price.
This price action has formed an ascending chart pattern on the daily chart. The lower trending line at $0.148 provided immediate support for Dogecoin on the downside. A daily candlestick close above this level would spell doom for the bulls, sending the price first below $0.145 and later toward 100-day exponential moving average at $0.1422.
TradingView Chart: DOGE/USD
This negative outlook was supported by the upward movement of the relative strength index. The decrease from 46 to 42 over the last 24 hours suggests that the bears were still in control of the market.
If bulls manage to produce a daily candlestick close above the triangle’s ascending trend, they would be bolstered to initiate a recovery. A break above triangle at $0.1630 would confirm a bullish breakout from the current price. This would see the price rise to collect the liquidity above it with the bulls setting their eyes on the technical target of the price at $0.1841. Such a move would represent a 21.83% uptick from the current price.
