Dogecoin Price Hits New 2024 High: Here Are 2 Ways It Could Go From Here
10 November 2024 - 4:30PM
NEWSBTC
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.
Related Reading: Will Shiba Inu Price Jump Over 300%? This Analyst
Thinks So Dogecoin 7-Month High Pushes Majority Into Profitability
Data 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 Soon Only 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. Related Reading: XRP On Fire: Analyst Predicts $4
Milestone As Token Rallies 11% 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 $1.17, which would represent a 400% increase from the current
price. Image from X: @thescalpingpro “$DOGE pump will melt faces,”
the analyst said. Featured image from Marly & Dan, chart from
TradingView
Dogecoin (COIN:DOGEUSD)
Historical Stock Chart
Von Nov 2024 bis Dez 2024
Dogecoin (COIN:DOGEUSD)
Historical Stock Chart
Von Dez 2023 bis Dez 2024