Fun

Dogecoin Price Hits New 2024 High: Here Are 2 Ways It Could Go From Here

News Feed - 2024-11-11 12:11:29

Este artículo también está disponible en español.


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 10 hours ago 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. DOGE market cap currently at $34.9 billion. Chart: TradingView.com


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% 1 day ago


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

News Feed

Australia’s Commonwealth Bank Lets Customers Trade Crypto Directly Through Its App
Australia"s Commonwealth Bank Lets Customers Trade Crypto Directly Through Its App The Commonwealth Bank of Australia (CBA), the country’s biggest bank, is providing custome
XRP Jumps 4%, Whale Reacts With $69 Million Coinbase Deposit
Este artículo también está disponible en español. On-chain data shows an XRP whale has moved a large amount of the asset to Coinbase following a 4% Christmas rally in its
Nigerian CBDC Still Not Widely Used a Year After Launch
Nigerian CBDC Still Not Widely Used a Year After Launch On October 25, Nigeria commemorated the first anniversary of the Central Bank of Nigeria’s e-naira, even as more resid
SEC Charges Against FTX, Alameda Execs Wang and Ellison Reveal Key Findings, US Regulator Says FTT Is a Security
SEC Charges Against FTX, Alameda Execs Wang and Ellison Reveal Key Findings, US Regulator Says FTT Is a Security On Dec. 21, 2022, members of U.S. law enforcement detailed that FTX
Bhutan Partners With Ripple to Pilot Digital Ngultrum on a Private Ledger
Bhutan Partners With Ripple to Pilot Digital Ngultrum on a Private Ledger The Central Bank of Bhutan, the Royal Monetary Authority (RMA), has partnered with Ripple to start testing
Alice Ivey11 hours ago7 blockchain-based platforms for content creatorsFrom Steemit and LBRY to Ujo Music and SuperRare, discover how blockchain technology empowers content creators in the digital age.706 Total views8 To
실크로드 비트코인 65억 달러 매각 앞둔 美 법무부… 지금 사야 할 5가지 코인
최근 비트코인은 롤러코스터를 타듯 큰 변동성을 겪고 있다. 12월 초, 비트코인은 마침내 10만 달러를 돌파하며, 12월 17일에는 10만 8천 달러에 도달했다. 그러나 그 이
RBI Governor Discusses Crypto and Central Bank Digital Currency
RBI Governor Discusses Crypto and Central Bank Digital Currency The governor of the Reserve Bank of India (RBI), Shaktikanta Das, spoke about cryptocurrency during a press confer
2008 ‘Lehman Moment About to Hit’ — Major Banks Suffer; How to Access Your ETHW, ‘No Digital Dollar Act,’ Sega Blockchain Game — Bitcoin.com News Week in Review
2008 "Lehman Moment About to Hit" — Major Banks Suffer; How to Access Your ETHW, "No Digital Dollar Act," Sega Blockchain Game — Bitcoin.com News Week in Review In this week&#x
A 20%-30% Correction Is ‘The Most Bullish Thing’ That Could Happen To Bitcoin – Analyst
Este artículo también está disponible en español. Bitcoin is navigating turbulent waters as its price continues to slide, searching for a stable support level amid growin
Huobi Stablecoin Issuer Publishes Attestation Reports Tied to HUSD Reserve Backing
Huobi Stablecoin Issuer Publishes Attestation Reports Tied to HUSD Reserve Backing The crypto financial services company Huobi and the firm’s stablecoin is
Up to 30% of Bitcoin Miners Close Shop as Business Turns Unprofitable After Halving
Up to 30% of Bitcoin Miners Close Shop as Business Turns Unprofitable After HalvingAbout a third of Bitcoin (BTC) mining firms may already be switching off their machines as the bus