Over the past month, the number of Dogecoin holders has increased by half a million, and the price has increased by 140%.

We analyze data from on-chain metrics and conduct technical analysis to predict further DOGE movements in the near future.

The number of Dogecoin holders has reached 6 million.

In February, the number of DOGE holders increased by 10%, reaching an impressive 6.5 million. This growth was accompanied by a significant price increase: from February 10 to March 4, the memcoin exchange rate increased from $0.081 to $0.1950.

However, in early March, the growth rate of new users stabilized. This may indicate that new capital has stopped flowing into Dogecoin, and investors have become unsure of the continuation of the bullish trend.

Profit-taking can cause a correction.

At the moment, more than 5.24 million DOGE addresses are in profit, which is 84.75% of the total number of holders. 12.28% are experiencing losses, and the remaining 2.28% have reached the break-even point.

The last time the share of addresses in profit exceeded 80% was in May 2021, which led to a significant decrease in the asset rate by 67.86% in five weeks.

If holders who are in profit start selling coins, this can cause a significant decrease in the price of Dogecoin.

DOGE price forecast: will the support level of $0.15 be able to hold.

The DOGE hourly chart shows a convergence of trend lines, where the short-term 9-day exponential moving average (EMA) has fallen below the long-term 26-day EMA. This is often perceived by the market as a bearish signal.

If the downtrend continues, Dogecoin may drop back to the $0.15 level. In case of its incontinence, the memcoin price may decrease to the nearest support, which is at $ 0.12.

However, consolidation above $0.15 and successful overcoming of the next resistance level at $0.1646 will indicate the continuation of the bullish trend.