Dogecoin Price Slips 0.5% as October Rally Fades; 85% of Holders Still in Profit

Highlights:

• Dogecoin dropped 0.5% to $0.1666 as trading volume surged 33% to $2.8 billion.
• After October’s rally, DOGE is now testing its $0.150 support level.
• Around 85% of DOGE holders are in profit, while only 11% are at a loss.

The Dogecoin price has plunged 0.5% in the last 24 hours to trade at $0.1666 as of 6:30 a.m. EST, driven by a 33% surge in trading volume to $2.8 billion. The market capitalization currently stands at $24 billion.

DOGE had a sluggish summer compared to other top meme coins by market cap, but the oldest meme coin made a comeback with a major price surge in the latter half of October, climbing from support at $0.10 to resistance at $0.18.

With October—historically a profitable month for crypto—now over, Dogecoin’s price has lost momentum. It is starting to decline, nearing the $0.150 level, which served as a key resistance in recent weeks. If bearish pressure continues, DOGE may break this resistance-turned-support soon. However, if this level is maintained, it could become a foundation for recovery if bulls return.

$DOGE next, htf kinda has to hold here or drift towards WO/mday low and get long on a ltf reclaim of those levels into .2 for now

tbh not sure if I trust these ltf divs forming on everything.. could also see another spike down cuz muh "has to bounce here or lights out" meme pic.twitter.com/hLFKx6E3pk

— Tots🟠🤡🌎 (@TraderToast) November 1, 2024

Dogecoin’s recent uptrend has pushed approximately 5.46 million DOGE addresses into profit, according to data from IntoTheBlock. This represents over 85% of all addresses tracked on the platform. Additionally, 175,000 addresses, or about 2.75%, are at the break-even point, while only 722,720 addresses, around 11%, remain at a loss.

Dogecoin Statistics

• Dogecoin price: $0.1666
• Market Capitalization: $24 billion
• Trading volume: $2.8 billion
• Circulating supply: 146 billion
• Total Supply: 146 billion

Dogecoin Price Could Surge More: Can the Bulls Sustain the Momentum

The Dogecoin (DOGE) chart highlights a potential bullish trend based on several technical indicators. Initially, DOGE was moving within a bearish descending channel for a few months, with prices trending downward in a series of lower highs and lower lows. This pattern typically reflects strong bearish sentiment. However, around September, DOGE broke out of this channel, suggesting a shift in momentum from sellers to buyers and hinting at a possible trend reversal.

Following this breakout, DOGE formed a classic “Cup and Handle” pattern, which is considered a bullish continuation signal. The “cup” formed from late August through October, showing a rounded bottom, followed by the handle in mid-October, a slight pullback that ultimately led to a breakout. This breakout indicates the likelihood of upward momentum continuing, with a potential target price of around $0.18, as calculated from the depth of the cup.

Bullish Technicals Support the Bullish Outlook

Another positive sign is DOGE’s position above a marked support zone, indicating a strong base level where buyers have historically stepped in. This support level is crucial as it may help maintain the bullish momentum if DOGE faces any pullbacks.

Additionally, Dogecoin price is above both the 50-period and 200-period Simple Moving Averages (SMA), located around $0.12725 and $0.12224, respectively. This alignment of the 50 SMA above the 200 SMA confirms the uptrend, often considered a long-term buy signal.

The Relative Strength Index (RSI) currently sits at 70.36, slightly above the overbought threshold. This reading suggests that DOGE may be approaching overbought conditions, which could lead to a minor short-term pullback. However, in strong, bullish trends, the RSI can remain in the overbought zone for an extended period, supporting further price gains.

Generally, DOGE’s chart indicates a bullish outlook. If current momentum holds, the target price is near $0.18, although a brief correction may occur before the upward movement continues.