According to recent on-chain data, Dogecoin currently has an impressive position with 93% of its investors making money. Strong market sentiment is reflected in this level of profitability, which may indicate that a rally is imminent. According to the price chart, Doug It has risen steadily since recovering from the $0.30 support level. It is currently trading at around $0.34, approaching the critical resistance at $0.38 as the recent uptrend indicates. batch.

While the asset is trading above important moving averages such as the 200 EMA, it is still struggling to stay above the 50 EMA, which is a crucial level for checking upside trends. Why do DOGE holders make so much profit? A large number of investors bought the asset during previous consolidations and rallies, allowing them to make a significant profit during the price rise. Furthermore, even during minor pullbacks, the majority of addresses continue to be profitable as shown in the historical breakeven price chart.

This persistence demonstrates Dogecoin's widespread use and relatively consistent community support. A move above the $0.38 resistance could start a new uptrend DougPrice action. A high level of profitability may also lead to widespread selling since short-term traders may take profits.

The $0.30 support level, which continues to serve as a safety net for DOGE in the event of any pullback, is something investors should keep a close eye on. Bottom line, Dogecoin's massive profitability creates the right conditions for potential growth, but caution is advised.

Given the asset's recent performance and strong on-chain metrics, Doug It may soon try to emerge from the current consolidation phase. It could open the door to another rise in 2025, if successful. Investors who want to successfully navigate the market must monitor important resistance and support levels.