- In the past seven days, DOGE has increased its price by over 15%.
- A few metrics supported sellers but market indicators were bullish.
Dogecoin [DOGE] In the past week, its price has increased by double digits. Better news, the rally may gain even more strength in the weeks to come as it approaches a critical resistance level.
Has the memecoin reached its peak?
CoinMarketCap’s data DOGE has seen its price increase by over 15% within the past seven days. The price of the largest memecoin in the world has risen by more than 4% just within the last 24 hours.
DOGE’s market cap was over $19 billion at the time this article was written.
Due to the price increase, social volume for the coin increased, indicating a surge in popularity. Dogecoin’s sentiment weighted remained at a negative level despite the recent uptick in prices.
The market was dominated by a bearish sentiment towards the token.
World Of Charts a popular cryptocurrency analyst posted recently that the sentiment of DOGE’s market could soon change. tweet Highlighting a bullish trend.
According to the tweet, the chart of memecoin showed a pattern that looked like a falling wedge. This pattern was first seen in March. DOGE’s value has since been consolidating around the pattern.
DOGE had just reached the resistance for the falling wedge pattern at the time the article was published. DOGE may begin another bull market if there is a breakout.
A breakout could result in an increase of 66% in the next few weeks. AMBCrypto therefore planned to look at DOGE’s metrics and see how a breakout would unfold.
DOGE odds of remaining bullish
AMBCrypto analysed Coinglass’ data to reveal a bearish indicator. The long/short memecoin ratio, for example, registered a decrease.
If the number of shorts in the market is greater than the longs, then the bearish market sentiment has taken over.
The rate at which it is funded also grew sharply. Prices tend to move in the opposite direction of the funding rate. DOGE could turn down in the near future, and this would limit the breakout from the wedge pattern.
Its MVRV increased over the past week. This can be interpreted as a bullish sign.
The next step was to look at the daily Dogecoin chart in order to understand where it is heading.
You can read more about it here Dogecoin’s [DOGE] Price Prediction 2024-25
Intriguingly, all the indicators pointed to a bullish breakout.
MACD displayed an advantage for bulls in the markets. Money Flow Index MFI and Chaikin Money Flow CMF both showed sharp rises. This suggests that the price will continue to increase.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: ambcrypto.com