Dogecoin’s price action since the beginning of the week has been nothing tiny of impressive. It is worth noting that the price of Dogecoin has doubled in the last 30 days, with price data showing an boost of 115% in this time frame.

That’s impressive Dogecoin price during the rally, the price of the meme coin exceeded $0.22 for the first time since April 1, more than seven months ago. Interestingly, this break means that the memecoin price is currently at its highest point so far in 2024. Moreover, the rise in Dogecoin prices has resulted in many more cryptocurrency holders reaching profitability.

Dogecoin 7-month high pushes majority towards breakeven

Data from IntoTheBlock indicates that the immense majority of DOGE holders are currently making profits thanks to the recent price boost. Specifically, IntoTheBlock’s profitability indicator shows that 5.82 million addresses are currently profitable, representing 91.17% of all addresses.

In terms of the specific buying zone close to the current price, IntoTheBlock’s profitability indicator also shows that the majority (62.35%) of addresses that bought between $0.178537 and $0.242947 are making money at the current price.

As we enter a recent week, Dogecoin price is following two paths based on current market dynamics and holder profitability. One scenario is a significant cooling of Dogecoin’s price growth. While the price is trending higher, the recent achievement of a recent 2024 high could pose a challenge in breaking above key resistance levels.

With a gigantic number of holders now making profits, some may be inclined to sell and lock in their profits, which could put downward pressure on the price. If the wave of profit-taking exceeds buying interest, DOGE could experience a significant price decline.

On the other hand, Dogecoin may continue to rise, which will set the stage for further gains in the coming week. If purchasing 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 11.5% in the last 24 hours.

Analyst says Dogecoin will reach $1.17 soon

Only time will tell whether the Dogecoin price will maintain its upward momentum or enter a consolidation phase. Still in the interest of bullish momentum, a cryptocurrency analyst known by the nickname Mags (@thescalpingpro) on social media platform X predicted a further rise in the coin’s price.

According to Mags, we are currently in a meme coin supercycle. Moreover, the Dogecoin price chart shared by the analyst highlighted Dogecoin’s upcoming parabolic rally, which is likely to break above the test pump at the beginning of the year. Accordingly, Mags predicted an boost in the price of Dogecoin with a target of $1.17, which would represent a 400% upside from the current price.

Image from X: @thescalpingpro

“The $DOGE pump will melt faces,” the analyst said.

Featured image from Marly & Dan, chart from TradingView