Dogecoin Price Hits New 2024 High: Here Are 2 Ways It Could Go From Here
The Dogecoin price action since the beginning of the week has been nothing short of impressive. Notably, the price of Dogecoin has doubled in the past 30 days, with price data highlighting a 115% increase within this tim...
Archive context
Older archive item. Useful for background and entity history, but not a fresh market-moving signal.
The Dogecoin price action since the beginning of the week has been nothing short of impressive. Notably, the price of Dogecoin has doubled in the past 30 days, with price data highlighting a 115% increase within this time frame.
This impressive Dogecoin price rally has seen the meme coin break above $0.22 for the first time since April 1, which is more than seven months ago. Interestingly, this break means the memecoin price is now trading at its highest point so far in 2024. Furthermore, the Dogecoin price rally has seen many more holders crossing into profitability.
Dogecoin 7-Month High Pushes Majority Into ProfitabilityData from IntoTheBlock indicates that the vast majority of DOGE holders are currently in profit thanks to the recent price rally. Particularly, IntoTheBlock’s profitability metric shows that 5.82 million addresses, representing 91.17% of the total addresses, are currently in profit.
In terms of a specific buy zone close to the current price, the profitability metric from IntoTheBlock also shows that a majority (62.35%) of addresses that bought between $0.178537 and $0.242947 are making money at the current price.
As we enter a new week, the price of Dogecoin faces two paths based on current market dynamics and holder profitability. One scenario is a substantial cool-off in the Dogecoin price rally. Although the price is on a rally streak, the recent attainment of a new 2024 high could see it challenges in surpassing key resistance levels.
With a large number of holders now in profit, some may be inclined to sell and lock in their gains, which could introduce downward pressure on the price. If this wave of profit-taking exceeds buying interest, DOGE could experience a significant price pullback.
On the other hand, Dogecoin may continue its rally, which would set the stage for further gains in the coming week. If buying momentum continues at this pace, Dogecoin could easily approach its all-time high of $0.7316 before the end of the year. At the time of writing, DOGE is trading at $0.2352 and is up by 11.5% in the past 24 hours.
Analyst Says Dogecoin Will Reach $1.17 SoonOnly time will tell whether Dogecoin’s price will sustain its upward momentum or enter a consolidation phase. Still in the interest of bullish momentum, a crypto analyst known pseudonymously as Mags (@thescalpingpro) on social media platform X has predicted a continued rally for the coin’s price.
According to Mags, we are currently in a meme coin supercycle. Furthermore, the Dogecoin price chart shared by the analyst highlighted an upcoming parabolic rally for Dogecoin, as it looks to break out above a test pump earlier in the year. As such, Mags predicted a Dogecoin price rally with a target at $1.17, which would represent a 400% increase from the current price.
“$DOGE pump will melt faces,” the analyst said.
Featured image from Marly & Dan, chart from TradingView
Why this matters
This altcoin story adds another data point to the current market tape and is useful when read alongside nearby source coverage.
Original source
Read on NewsBTCRelated market context
Strategy Restarts Bitcoin Buying with $370M Purchase after 10-Week Pause
Key Takeaways: After a 10-week Bitcoin accumulation hiatus, Strategy acquired 4,603 BTC at $369.7 million. The company sold 4.53 m...
Bitcoin on course for best August since 2017 despite renewed US-Iran hostilities
Bitcoin is on track to log its best August performance since 2017, demonstrating remarkable resilience against back-to-back macro...
Strategy Resumes Bitcoin Buying After 10-Week Hiatus
Bitcoin Magazine Strategy Resumes Bitcoin Buying After 10-Week Hiatus Bitcoin treasury Strategy resumed its bitcoin buys last week...
Strategy Opposes MSCI Proposal, Says Bitcoin Treasury Firms Are Being Targeted a Second Time
Bitcoin Magazine Strategy Opposes MSCI Proposal, Says Bitcoin Treasury Firms Are Being Targeted a Second Time Bitcoin treasury Str...
Strategy Buys 4,603 Bitcoin After Michael Saylor Says “We’re Back”
The acquisition marks the company’s first reported Bitcoin purchase since June and brings its total holdings to 845,050 BTC. The l...
Why Bitcoin’s $2B corporate treasuries are a ticking time bomb of hidden conditional supply
During the three months ending June 30, CleanSpark put 9,400 Bitcoin-equivalent call contracts through Spot+, its strategy for sel...