Dogecoin alert: A ‘Golden Cross’ on price chart means DOGE will…
Dogecoin investors can expect a rally as a bullish pattern appeared on the memecoin’s chart.
- 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.
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.
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.
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.
