Bullish signals have emerged for Dogecoin (DOGE) amid a general crypto market recovery. The memecoin had a tough August, ending the month down 8.6%. However, some current signals point to a possible rebound for the memecoin.
Dogecoin Current Performance
IntoTheBlock data shows that 73.26% of DOGE holders, about 4.71 million wallet addresses, are in profit at the current price levels. This is a major bullish signal, revealing investors’ optimism amid a rebound crypto market.
On the other hand, 1.65 million addresses (25.63%) of DOGE investors have experienced losses. Next on the list is the number of “At The Money” wallets, reaching 71,200 addresses. This puts only 1.1% of investors at the breakeven point. This means that the price is currently sitting where they purchased their coins.
The current levels represent one of Dogecoin’s highest profitability levels since the beginning of the year. It comes only slightly below the March 29 high of 88.89%. At that time, DOGE’s price set a new yearly high, surpassing the $0.2 threshold.
Dogecoin’s Price Trend; 7-day, 1 month and Past Year
As of this writing, the Dogecoin price was $0.1053, having increased by 0.5% in the last 24 hours.
Additionally, the trading volume increased by 5.3% to $586 million, reflecting growing trading participation from traders. Increasing trading activity often shows confidence in the market. The Dogecoin price may climb higher amid this strong support from traders.
Within the last 7 days, Dogecoin’s price increased by 11.02%. Surprisingly, the memecoin increased slightly by 1.5% in the past month. However, DOGE rose by 72% in the past year.
Dogecoin’s consistent price increase and people’s balanced feelings about it hint that the recovery might hold steady or even go higher soon.
Crucial Dogecoin Fundamentals and Investors Note
According to the IntoTheBlock data, DOGE has set crucial support at 47.42 billion coins. The memecoin could see a further price increase if it breaks above this level. Conversely, failure to breach this support may lead to declining prices for DOGE.
Additionally, DOGE is facing strong resistance from the $0.108 level. The meme currency has been rejected from this level multiple times. However, the general outlook looks bullish as the memecoin still holds well above key support levels.
Dogecoin, the largest memecoin by market capitalization, has always enjoyed strong support from the community. Therefore, increased profitability will gradually boost DOGE holders’ confidence. It may also motivate additional traders to join the Dogecoin movement, potentially leading to bigger profits.
Holders’ rising profitability comes only days after the Dogecoin Foundation announced plans to improve users’ experience. The Foundation said it aims to simplify Dogecoin integration as a business payment option.
The Foundation has also released some projects to achieve this goal. These include the GigaWallet Payment Gateway, E-Commerce plugins, and Dogebox OS.
