Dogecoin Has the Highest Percentage of Meme Coin Holders in Profit — The Ultimate Bullish Signal?

According to data from IntoTheBlock, a majority of Dogecoin holders are sitting in profits, with DOGE having the highest number of addresses that are in the money (in profits) among meme coins.

According to the report, 72% of DOGE holders are in profits, making it the most profitable meme coin. FLOKI ranked second with 70% of holders in profits, while Dogecoin’s rival Shiba Inu has 46% of addresses in profits.

Despite this data, DOGE’s 40% yearly gain has paled compared to meme coins such as FLOKI and SHIB, which have jumped by over 400%.

Dogecoin Price Analysis

DOGE was trading at $0.101 at the time of writing after a 1.8% drop in 24 hours. The meme coin is currently at an 18% monthly loss.

A look at Dogecoin’s intraday chart shows that the meme coin has been making lower highs and lower lows. This indicates a bearish sentiment as selling pressure hinders any possible gains.

However, the coin appears to have established a symmetrical triangle pattern on the daily chart, with the breakout being followed by a green candle, as seen in the chart below. This pattern is bullish and indicates the potential for an uptrend.

High interest and volumes depend on maintaining levels above the symmetrical triangle pattern. Looking at the negative Chaikin Money Flow, selling pressure is still in play. However, the CMF bounced simultaneously as the breakout to form a higher low, hinting at an uptick in buying activity.

The volumes have also turned positive, coinciding with the breakout, further hinting at an upside potential. 

If DOGE maintains an uptrend above the breakout price, it will target the top of the triangle, the 1.618 Fibonacci level ($0.129). Further gains will see the price target at $0.16.

Further analysis of the technical indicators shows that the DOGE price has bounced from the longer Bollinger band. It is now gearing up to breach the 20-day Simple Moving Average (SMA), also known as the middle Bollinger band. This breakout will confirm the uptrend.

However, traders should be cautious before buying into the uptrend, as the Awesome Oscillator (AO) shows negative momentum. The AO has formed two consecutive red bars and remains in the negative region, confirming that bears are still in control.

Data from Coinglass shows that a majority of traders are holding long positions on Dogecoin, expecting the price to continue increasing.