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With profitability reaching a bullish 80%, it’s safe to say that Dogecoin has made a huge comeback. This significant increase for both traders and long-term holders means that the majority of Dogecoin holders are currently flush with money. Due to improved profitability, interest in this asset is currently increasing, driving up its price and solidifying its position as one of the best-performing cryptocurrencies.
Examining the data and charts, it is clear that DOGE is making a significant bullish move. Compared to the previous consolidation phase, the price has increased significantly and is currently trading in the $0.142 range. Trading volumes are also increasing, indicating that market participants are actively interacting with assets, either locking in profits or looking to capitalize on momentum for further gains.
DOGE/USDT chart by TradingView
Dogecoin appears to have been able to break through a number of important moving averages, including the 50EMA, 100EMA, and 200EMA, which have supported the recent price rally. These technical indicators suggest that DOGE is on the verge of continuing its upward trajectory, especially if market conditions remain favorable. However, it is important to remember that the relative strength index (RSI) of 83.70 is currently in overbought territory.
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This suggests that DOGE may temporarily decline as traders take profits, but the overall upward trend appears to be holding. Given the recent spike in trading volume and profitability, Dogecoin’s next major price target is in the $0.15 range. If DOGE can sustain volume above this level, the asset could target the $0.18 level as the next key resistance.
Finally, Dogecoin’s astounding 80% increase in profitability has created new enthusiasm in the market. The overall outlook remains bullish, with a price target of $0.15 and likely around $0.18 in the near term, despite a possible short-term correction. Both holders and traders will be closely monitoring DOGE’s performance over the next few days.
