Dogecoin Price Reaches New 2024 High of $0.2352

The Dogecoin price has increased significantly, doubling in the past 30 days with a 115% rise. The price surpassed $0.22 for the first time since April 1, marking its highest value in 2024. This rally has resulted in many holders entering profitability.

Dogecoin 7-Month High Pushes Majority Into Profitability

Data from IntoTheBlock shows that 5.82 million addresses, or 91.17% of total DOGE holders, are currently profitable. Specifically, 62.35% of addresses that purchased DOGE between $0.178537 and $0.242947 are making gains at the current price.

As the week progresses, Dogecoin's price may follow two potential paths. One possibility is a cooling off of the recent rally, as achieving a new 2024 high might present challenges in overcoming key resistance levels. A significant number of holders may decide to sell and lock in profits, which could lead to downward pressure on the price if selling outweighs buying interest.

Conversely, if buying momentum persists, Dogecoin could continue its rally, potentially nearing its all-time high of $0.7316 by year-end. Currently, DOGE trades at $0.2352, reflecting an 11.5% increase in the last 24 hours.

Analyst Predicts Dogecoin Will Reach $1.17 Soon

The future trajectory of Dogecoin remains uncertain; however, analyst Mags (@thescalpingpro) forecasts a continued upward trend. Mags suggests we are experiencing a meme coin supercycle and anticipates a parabolic rally for Dogecoin, targeting a price of $1.17, indicating a potential 400% increase from current levels.

“$DOGE pump will melt faces,” stated the analyst.

Featured image from Marly & Dan, chart from TradingView