Dogecoin, as a digital asset that is loved by the cryptocurrency field, has a current trading volume of 43 billion. It can be seen from the on-chain data that the price range of Dogecoin owned by many addresses is relatively concentrated. At this moment, our attention is focused on whether Dogecoin can break through the current price barrier.
In terms of active addresses in terms of profitability data, there are roughly 137,000 addresses holding Dogecoin that is at breakeven, with its breakeven price in the range of $0 to $11. Given the large number of Dogecoins in this price range, the actions of these holders may have a significant impact on the market price. They may choose to push the market higher or lower depending on the price changes.
In the DOGE/USDT trading chart, we can observe that only 13.31% of the addresses are in profit below the current price of about $0.109. From a technical perspective, Dogecoin has been volatile over the past few months. The daily price chart shows that Dogecoin is currently trading below long-term moving averages, such as the 100 EMA and 200 EMA, which is usually seen as a bearish signal in the market.
However, it is worth noting that the price of Dogecoin is consolidating around the 200 EMA. If the market momentum picks up, this area may become a strong resistance level or the starting point of a potential breakout. The relative strength index (RSI) is currently around 50, which shows that the market momentum is relatively neutral. If Dogecoin can successfully break through key resistance levels, especially $0.120, it is likely to trigger a rebound. On the contrary, if sellers dominate the market, Dogecoin may retest the $0.09 level.
On the other hand, 17.79% of the addresses are in a loss or have no funds when holding Dogecoin, which constitutes a potential upward resistance. Once the market price rebounds, these holders are very likely to choose to sell to reduce their losses. In addition, among the total addresses, 69% of the addresses are in a state of break-even. This large group plays an extremely important role in the short-term price trend. Their behavior will directly affect the market performance of Dogecoin.
