- DOGE’s price increased by over 6% over the last seven days.
- However, a few metrics looked bearish on the memecoin.
Like most cryptos, Dogecoin [DOGE] didn’t disappoint investors, as it registered gains over the last week. However, things can get better because DOGE price chart is awaiting a ‘golden cross’ within weeks.
Dogecoin’s possible bullish move
According to CoinMarketCap’s data, DOGE’s price increased by 6% in the last seven days. The bullish trend continued in the last 24 hours as the world’s largest memecoin’s price increased by over 3%.
At the time of writing, DOGE was trading at $0.1051 with a market capitalization of over $15 billion, making it the 9th largest crypto.
In the meantime, Kevin, a popular crypto analyst, recently posted a tweet regarding DOGE revealing a down channel.
If Dogecoin manages to break above the pattern, then investors would witness a golden cross. In that event, DOGE might begin a long-term bull rally.
Therefore, AMBCrypto planned to check DOGE’s current state to see how the memecoin was doing.
Source: X
DOGE’s road ahead
As per our analysis of Santiment’s data, Dogecoin’s MVRV ratio improved, which can be inferred as a bullish signal. At press time, the metric had a value of -4%.
However, DOGE’s trading volume dropped while its price rose. This indicated that investors were reluctant to trade DOGE at a lower price, which can affect its price negatively.
Moreover, its NVT ratio also spiked, a hike in the metric means that an asset is overvalued, further hinting at a price correction soon.
Source: Santiment
We then checked Dogecoin’s daily chart to better understand what to expect. The technical indicator MACD displayed the chances of a bullish crossover within a few hours if the memecoin maintains its bull rally.
The Chaikin Money Flow registered a northward movement.
Additionally, the Money Flow Index (MFI) was also resting near the oversold zone, which can increase buying pressure on the coin. Generally, a rise in buying pressure results in a hike in price.
Source: TradingView
Read Dogecoin Price Prediction 2024-2025
AMBCrypto then took a look at Dogecoin’s liquidation levels to find you its possible suppose=rt and resistance levels. As per our analysis, DOGE might first reclaim $0.11 as liquidation would rise at that mark.
Whenever liquidation rises, it acts as resistance. On the other hand, if bears take over, then DOGE might drop to $0.10 in a few days.
