Dogecoin’s $0.13 target – Miners’ sell-off raises concerns

• The confidence of Dogecoin miners appears to have dwindled as they sold DOGE. 
• A bearish takeover could push DOGE down to $0.09.

Like several cryptos, Dogecoin [DOGE] also fell victim to a price correction in the last 24 hours. Nonetheless, the memecoin managed to close the last week above a crucial level.

Let’s have a closer look at DOGE’s state to find out its possible targets for this week. 

Dogecoin’s past week

As per CoinMarketCap, DOGE’s price had increased by more than 9% in the last seven days. But the last 24 hours were bearish as the coin’s daily chart was red.

At the time of writing, DOGE’s was trading at $0.1092 with a market capitalization of over $15.9 billion, making it the 8th largest crypto.

AMBCrypto’s look at IntoTheBlock’s data pointed out that over 4.7 million DOGE addresses were in profit, which accounted for more than 73% of total DOGE addresses. 

Source: IntoTheBlock

Crypto Tony, a popular crypto analyst, recently posted a tweet revealing that he was looking forward to DOGE to close the week above $0.102.

Thankfully, the world’s largest memecoin managed to do so. Does this mean DOGE’s coming week will be bullish? 

DOGE’s next targets 

AMBCrypto then assessed the memecoin’s on-chain data to see whether they hint at a price rise in the coming days. As per our analysis of Santiment’s data, DOGE miners sold their holdings.

This was evident from the dip in the supply held by miners, meaning that miners were not confident in DOGE and expected its price to drop. 

Source: Santiment

After a sharp uptick, DOGE’s MVRV ratio declined, which can be inferred as a bearish signal. Apart from this, Dogecoin’s velocity also dropped, indicating that DOGE was used less often in transactions within a set timeframe.

AMBCrypto then checked the memecoin’s daily chart. As per our analysis, the technical indicator MACD displayed a bullish crossover. The Chaikin Money Flow (CMF) also registered a slight uptick.

If that is to be believed, then DOGE’s price might touch $0.13 this week.

However, the Relative Strength Index (RSI) moved southwards and was headed towards the neutral mark. This suggested that bears might dominate in the coming days.

In the event of a continued price drop, investors might witness the memecoin dropping to $0.1 or $0.09.

Source: TradingView

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Hyblock Capital’s data revealed that DOGE’s liquidation would rise sharply at $0.11, which often results in price corrections.

Therefore, it will be crucial for the memecoin to first go above that mark before it targets $0.13. 

Source: Hyblock Capital