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With profitability reaching a bullish 80%, it is safe to say that Dogecoin has made a substantial comeback. The majority of Dogecoin holders are now in the money, according to this notable increase for both traders and long-term holders. Because of the increased profitability, there is now more interest in the asset, which has raised prices and cemented its position as one of the best-performing cryptocurrencies.
When the data and charts are examined, it is evident that DOGE has seen a significant bullish push. In comparison to its previous consolidation phase, the price has significantly increased and is currently trading in the $0.142 range. Indicating that market players are actively interacting with the asset, either locking in profits or riding the momentum for additional gains, the trading volume has also increased.
Dogecoin appears to have been able to break through a number of important moving averages, such as the 50 EMA, 100 EMA and 200 EMA, which have supported the recent price increase. These technical indicators suggest that DOGE is on the verge of continuing its upward trajectory, particularly if market conditions remain favorable. But it is crucial to remember the Relative Strength Index (RSI), which is currently at 83.70, is in overbought territory.
As traders take profits, this implies that DOGE may see some brief declines, but overall, the upward trend seems to be holding. The next major price target for Dogecoin is in the $0.15 range, given the recent spike in volume and profitability. The asset may target the $0.18 level as the next significant resistance if DOGE is able to maintain volume above this level.
Finally, Dogecoin's remarkable 80% increase in profitability has sparked new market enthusiasm. The overall outlook is still bullish, with price targets set around $0.15 and possibly $0.18 in the near future despite the possibility of short-term corrections. Both holders and traders will be closely observing DOGE's performance over the next few days.