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The struggle for the price of Dogecoin (DOGE) has continued. The meme coin has been consolidating in the recent past along with the broader market. Nevertheless, there are some signals coming that hint toward 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 on the part of the coin. This is a major bullish signal as it reveals the overall situation is not too bleak.
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. It may also encourage more traders to jump on the Dogecoin bandwagon, eventually 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 on 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 that it is facing strong resistance from the $0.127 level. The meme coin has faced rejection from this prize zone several times in the recent past. 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 the $675.66 million level, this rising volume reflects growing participation from traders. Rising trading activity often shows confidence in the market. It is likely that the Dogecoin price may rebound amid this strong support from traders.
Yuri Molchan
Denys Serhiichuk