Connect with us
Active Currencies 14926
Market Cap $2,533,686,505,073.50
Bitcoin Share 51.67%
24h Market Cap Change $0.06

Dogecoin: Can the bulls take charge and push DOGE to $0.09

2min Read

Will Dogecoin’s price recover considering how the sentiment around the coin has changed? Find out here.

Share this article

  • The bullish sentiment around DOGE fizzled out as the price fell.
  • DOGE could rise to $0.09 if bulls capitalize on the rising buying momentum.

Contrary to what happened earlier in the week, Dogecoin’s [DOGE] social volume dropped to its lowest, Santiment data showed. On the 25th of January, the social volume had risen to 63.80. This initial hike implied that searches for DOGE climbed and were rampant in the market.

However, the decline at press time suggests that interest in the coin had waned. But AMBCrypto discovered that the social volume was not alone in this regard. 

Bulls are no longer here

According to on-chain data analyzed from Santiment, the Weighted Sentiment also fell.  As of the 21st of January, Dogecoin’s Weighted Sentiment was as high as 1.62. 

This means that the broader market was bullish on the cryptocurrency. But recent comments and texts show that that was no longer the case. 

Source: Santiment

However, the drawdown did not just happen without cause, with the price being the major issue. At press time, DOGE’s price was $0.079, representing a 13.72% decrease on a Year-To-Date (YTD) basis.

AMBCrypto’s analysis of the 4-hour chart showed that DOGE might continue to trade around the same region. This was evident in the indications the Accumulation/Distribution (A/D) showed.

As of this writing, A/D had stalled around the same area since the 20th of January. This stalemate implies that Dogecoin has not experienced any significant buying pressure of late.

If it stays the same way, the coin price could move between $0.07 and $0.08. While a notable uptick might not happen, the coin might also fail to nosedive.

However, the Relative Strength Index (RSI) was 50.70, suggesting that the bearish momentum had subsided. So, DOGE’s price may not sink like it has since 2024 started.

Source: TradingView

If bulls can capitalize on the buying momentum, then DOGE could rise toward $0.09. If not, the price might decline or continue its sideways movement.

In the meantime, Dogecoin Open Interest fell to $387.47 million, Coinglass data showed. Open interest (OI) refers to the total of all open positions in a contract.

With the OI, for every seller, there is a buyer. So longs (traders who predict a higher price) and shorts (those who forecast a lower price) are usually 50-50.

However, the decrease in OI suggests that traders are closing their positions, like in DOGE’s case. But if it had increased, it would have implied a surge in net positioning. 

Source: Coinglass


Read Dogecoin’s [DOGE] Price Prediction 2024-2025


From a trading perspective, the decrease in OI implies that DOGE’s current direction was getting weak. If the OI continues to decrease alongside the price action, the price could reverse upwards.

Should this be the case, the sentiment around DOGE might change while the price tries to approach $0.09.

Share

Victor Olanrewaju is a full-time journalist at AMBCrypto. Settled in Lagos, his fascination with blockchain technology and the cryptocurrency market arose out of his love of freedom and everything free. As a Nigerian, Victor understands the impact unfounded financial restrictions have on a population. He sees Bitcoin and cryptos as a way to circumvent these obstacles, as a tool for value creation despite all the setbacks. A graduate in Physics, Victor previously worked as a Senior Marketer at Melange Technologies. Before that, he dealt with crypto-marketers on a regular basis in his capacity as Copywriter at Ventrix Media. At AMBCrypto, Victor’s focus is on assessing the real effectiveness of both on-chain and off-chain developments on a project and its community sentiment.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.