Despite Market Decline, 84% of DOGE Holders Are Profitable: Here's Why

DOGE could rally by 30% to reach the $0.21 level if it closes a daily candle above the $0.163 level. DOGE's large transaction volume has increased by 4.85%, suggesting that bulls are actively participating.

Dogecoin (DOGE) has lost nearly 13% of its value in the past week due to geopolitical tensions, the upcoming presidential election in the United States, and other factors. However, 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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