- Market sentiment around DOGE remained bearish despite its price hike.
- Indicators also looked bearish on the meme coin.
Dogecoin’s [DOGE] price has climbed considerably over the past week. According to CoinMarketCap, the meme coin was up by more than 65% in the last seven days.
At the time of writing, DOGE was trading at $0.1414 with a market capitalization of over $20 billion.
The road ahead for Dogecoin
On the 2nd of March, analyst World of Charts predicted that DOGE’s price might move up by over 135%. If this analysis translates into reality, DOGE’s next target might be $0.265.
To better understand whether this outcome is likely, AMBCrypto checked the meme coin’s metrics. Considering a utopian situation, we took a look at Hyblock Capital’s data.
As per our analysis, DOGE faced strong resistance near the $0.143 mark. A breakout above that mark would trigger a further bull rally.
Source: Hyblock Capital
Our analysis of Santiment’s data revealed that Dogecoin’s Social Volume and MVRV Ratio rose considerably, showing increased chances of a continued price hike.
Its Binance Funding Rate also remained green, meaning that derivatives investors were actively buying DOGE at press time.
But despite the price hike, a few metrics looked bearish. Notably, DOGE’s Weighted Sentiment dropped, suggesting that negative sentiment around the coin had increased.
Another bearish metric, the Open Interest, had dropped in the recent past as well.
Source: Santiment
Read Dogecoin’s [DOGE] Price Prediction 2024-25
Also, the meme coin’s price touched the upper limit of the Bollinger bands at press time, while its Relative Strength Index (RSI) was in the overbought zone.
This suggested that selling pressure might rise in the days to come, which could result in an end to DOGE’s bull run.
Source: TradingView
