- DOGE saw a 6% increase in just 24 hours after a slight dip.
- The technical indicators pointed to a reversal of trend.
Dogecoin’s [DOGE] Price dropped dramatically in the past few days.
In spite of recent drops in price, DOGE’s macro view revealed a 78% increase over the last 30 day period. This uptrend will DOGE reach $0.2 within the next few weeks.
Dogecoin has a resurgence
On the 17th March, Dogecoin dropped to $0.140. As the value of Dogecoin dropped, so did its Network Activity.
AMBCrypto’s analyses of Santiment data showed that Daily Active Addresses for the meme coin dropped in the last week. The coin’s Transaction Count has also decreased, indicating a decrease in investor interest.
The overall condition of the market has changed, and the recovery in meme coins was a result. According to CoinMarketCapDOGE’s price has increased by almost 6% within the last day.
As of the date of this article, the market cap of the Meme coin is over 21 billion dollars. This makes it the tenth biggest crypto.
Investors were encouraged by the recent upward trend, and hoped that it would continue. This could lead DOGE up to $0.2.
Can DOGE reach $2 soon?
AMBCrypto decided to test its metrics in order to determine if the price of Dogecoin could reach $0.2.
DOGE’s popularity fell last week when its social volume dropped. As evidenced by its weighted sentiment, the mood around the coin remained bearish.
The derivatives markets also appeared to be pretty negative, which reduced the odds of DOGE reaching $0.2 on the short-term.
As of the date this article was published, the coin’s funding rates had decreased. That means derivatives investors are not buying DOGE.
This metric also decreased. Because it dropped at the same time as the price rose, this suggested the bull run could end very soon.
You can read more about it here Dogecoin’s [DOGE] Price Prediction 2024-25
AMBCrypto analyzed the daily chart of Dogecoin to better understand its future. Technical indicators, too, were bearish, just like those metrics.
Dogecoin, for example, saw its Relative Strength Index drop. Money Flow Index also showed a declining trend. This suggests that DOGE bull run may be coming to an end.
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Source: ambcrypto.com