- Dogecoin price could extend its gains after hitting $0.077 for the first time in nearly three months.
- DOGE token’s on-chain metrics support thesis for price rally in the meme coin as more token holders edge closer to profitability.
- The meme coin notes higher on-chain activity and creation of new wallets, driving demand among traders.
Dogecoin, one of the largest meme coins in the crypto ecosystem, is on track to possibly extend its gains further this week. The meme coin crossed the barrier at $0.077, making a comeback to this level for the first time since August 2023.
According to on-chain metrics for DOGE, there is scope for further gains and the outlook on the asset continues to remain bullish.
Also read: Dogecoin Price Forecast: Why this week is important for DOGE holders
These on-chain metrics support a bullish thesis for DOGE price
Global In/Out of the Money around price
An on-chain indicator from data intelligence platform, IntoTheBlock, In/Out of the Money around price (IOMAP) reveals the percentage of DOGE wallet addresses that are currently sitting on unrealized profits or losses. At the current DOGE price of $0.0759:
- 50.29% wallets are “In the Money,” meaning they are sitting on unrealized profits (their average cost of acquisition is lower than the current DOGE price.)
- 26.40% wallets are “Out of the Money,” meaning they are sitting on unrealized losses
Typically, as the percentage of wallets “In the Money” climbs, we are nearing a local top in DOGE price. As seen in the chart below, there is a support wall at $0.0710 to $0.0732 with its 221.06K addresses holding 29.21 billion DOGE. Support outstrips resistance at $0.0766 to $0.0817 with its 154.16K addresses holding 4.79 billion DOGE, therefore the asset has the potential for an upward breakout. It is important to note that traders need to be cautious as the asset approaches what is likely a local top.
If Dogecoin price slices through the $0.0817 level, the next key hurdle is at $0.0137.
Global In/Out of the Money DOGE
Daily Active Addresses, New addresses: Both metrics climbed in November
Between November 1 and 8, Daily Active Addresses and New Addresses climbed 22.36% and 55.00% respectively, as seen in the chart below. Rises in these metrics supports a bullish thesis, as it indicates rising demand for DOGE among market participants.
Daily active addresses and new addresses in DOGE
DOGE Futures Open Interest
pen Interest in DOGE climbed to levels previously seen in August 2023, alongside the increase in price, based on data from Coinglass. Rising Open Interest implies there is an increase in capital inflows to the asset, supporting a bullish outlook.
DOGE Futures Open Interest and price
The $0.1000 target becomes relevant for DOGE as the meme coin recently crossed the $0.0770 level. In addition, it marks the next key resistance for Dogecoin price in its uptrend.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Ripple on-chain metrics show bullish signs amidst legal struggle with SEC, XRP eyes recovery
![Ripple on-chain metrics show bullish signs amidst legal struggle with SEC, XRP eyes recovery](https://editorial.fxstreet.com/images/Markets/Currencies/Cryptocurrencies/Coins/Ripple/Ripple_Coin_31_02_XtraSmall.jpg)
Ripple made a comeback above $0.48 on Tuesday and hovers above that level in Wednesday’s European session. Ripple on-chain metrics such as transaction volume and Network Realized Profit/Loss have turned bullish, supporting a recovery in the altcoin.
Bitcoin price falls amidst German government transfers, miners activity
![Bitcoin price falls amidst German government transfers, miners activity](https://editorial.fxstreet.com/images/Markets/Currencies/Digital%20Currencies/Bitcoin/bit-coin-symbol-flag-3d-illustration-59931110_XtraSmall.jpg)
Bitcoin (BTC) extends correction on Wednesday and hovers around $61,000 after finding resistance near the $64,000 level on Monday. Recent on-chain data indicates heightened selling activity from Bitcoin miners early in the week.
Crypto Today: Bitcoin erases gains from end of June, Ethereum declines while Ripple holds
![Crypto Today: Bitcoin erases gains from end of June, Ethereum declines while Ripple holds](https://editorial.fxstreet.com/images/Markets/Currencies/Digital%20Currencies/Bitcoin/Bitcoin_2_XtraSmall.jpg)
Bitcoin wipes out gains from the last week of June and falls below $60,000 on Wednesday. Ethereum and top altcoins ranked by market capitalization erased gains as the inflation outlook worsened. Ripple holds on to recent gains and hovers above $0.48 on Wednesday.
Three reasons why altcoins could shake off losses this week
![Three reasons why altcoins could shake off losses this week](https://editorial.fxstreet.com/images/Markets/Currencies/Cryptocurrencies/cryptos_XtraSmall.jpg)
On-chain data from Santiment shows that altcoins are currently in the opportunity zone, or generating buy signals. The top three altcoins in the buy zone are Basic Attention Token (BAT), Chromia (CHR), and Highstreet (HIGH), per Santiment.
Bitcoin: BTC price correction could end in July, according to seasonal data
![Bitcoin: BTC price correction could end in July, according to seasonal data](https://editorial.fxstreet.com/images/Markets/Currencies/Digital%20Currencies/Bitcoin/bitcoin_5_XtraSmall.jpg)
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.