Despite ongoing market consolidation, 75% of Dogecoin （DOGE） holders are in profit, indicating strong support and potential for a price rebound.
Points
- 75% of DOGE holders are in profit.
- DOGE enjoys strong community support.
- Rising trading volume suggests growing market confidence.
- Potential for price rebound despite recent consolidation.
The struggle for the price of Dogecoin （DOGEUSD） has continued, with the meme coin consolidating in recent weeks along with the broader market. Nevertheless, there are signals hinting at a potential rebound.
According to data from IntoTheBlock, 75% of DOGE holders are in profits at the current price levels. It is astonishing to see that a majority of holders have avoided losses during a period lacking major moves by the coin. This is a major bullish signal as it reveals that the overall situation is not too bleak.
Strong Community Support
Dogecoin, the largest meme coin in terms of market capitalization, always enjoys strong support from the community. The increasing holder profitability will eventually give more confidence to DOGE holders and may encourage more traders to jump on the Dogecoin bandwagon, leading to massive profits.
Most importantly, this metric highlights that DOGE is in a broader bullish trend despite the ongoing consolidation period. The meme coin has not entered a bearish run as it is still holding well above key support levels. The current stagnant phase is a result of broader volatility in the crypto market.
What to Expect from DOGE Price?
As of this writing, Dogecoin is trading at $0.1211, after a dip of 3.94% in the last 24 hours. It appears to be facing strong resistance at the $0.127 level. The meme coin has faced rejection from this price zone several times recently. However, the overall outlook is still not too bearish.
Dogecoin has surged 10.77% in its trading volume in the last 24 hours, currently standing at $675.66 million. This rising volume reflects growing participation from traders, and rising trading activity often shows confidence in the market. It is likely that the Dogecoin price may rebound amid this strong support from traders.
解説
- The high percentage of profitable DOGE holders underscores the strength of community support and investor confidence.
- Rising trading volumes are a positive indicator of market interest and potential price movements.
- Despite recent consolidation, Dogecoin remains in a broader bullish trend, suggesting the possibility of a price rebound.