- After a dip, DOGE was up by over 6% in the last 24 hours.
- Technical indicators hinted at a trend reversal.
Dogecoin’s [DOGE] price witnessed a significant drop during the last few days as its value dropped substantially.
However, despite the recent price drop, the macro picture revealed that DOGE was up by 78% in the last 30 days. Will this uptrend result in DOGE touching $0.2 in the coming weeks?
Dogecoin is reviving
Dogecoin’s value dropped on the 17th of March as it plummeted to the $0.140 mark. While the coin’s value dropped, its Network Activity also plunged.
AMBCrypto’s analysis of Santiment’s data revealed that the meme coin’s Daily Active Addresses dropped last week. Its Transaction Count also went southward, reflecting less interest from investors in trading the coin.
Source: Santiment
However, the meme coin registered a recovery during the last day, thanks to the change in the overall market condition. According to CoinMarketCap, DOGE was up by over 6% in the last 24 hours.
At the time of writing, the meme coin was trading at $0.1493 with a market capitalization of over $21 billion, making it the 10th largest crypto.
The recent uptrend gave investors hope for a continued uptrend, which might lead DOGE to touch $0.2.
Will DOGE touch $0.2 soon?
Since the meme coin’s price gained bullish momentum, AMBCrypto planned to check its metrics to find whether the possibility of Dogecoin touching $0.2 is viable.
We found that DOGE’s popularity dropped last week as its Social Volume plummeted. Sentiments around the coin also remained bearish, which was evident from the dip in its Weighted Sentiment.
Source: Santiment
Things in the derivatives market also looked pretty bearish, minimizing the chances of DOGE touching $0.2 in the short term.
The coin’s Funding Rate had dropped at press time, meaning that derivatives investors were not actively buying DOGE.
Its Open Interest also dropped, Since the metric dipped during a price uptick, it suggested that the bull rally might end soon.
Source: Santiment
Read Dogecoin’s [DOGE] Price Prediction 2024-25
To better understand what to expect from Dogecoin, AMBCrypto then took a look at the meme coin’s daily chart. We found that, like the aforementioned metrics, technical indicators also looked bearish.
For example, Dogecoin’s Relative Strength Index (RSI) registered a downtick. The Money Flow Index (MFI) also followed a similar declining trend, suggesting that DOGE’s bull rally might come to an end soon.
Source: TradingView
