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DOGE’s price surged by 6% in the last 24 hours.
The memecoin’s funding rate dropped substantially.
As an experienced analyst, I find Dogecoin’s recent price surge of over 6% in the last seven days and over 2% in the last 24 hours to be a promising development. The memecoin’s weighted sentiment is positive, and its social volume remains high, reflecting its popularity in the market. Moreover, key indicators like TD sequential and MVRV ratio suggest that it might be the right time to build DOGE.
Last week, Dogecoin (DOGE), the most popular meme cryptocurrency, put in an impressive display of growth. For those invested, it’s crucial to hold tight as there are signs suggesting that DOGE’s price could climb even higher based on a significant technical indicator. Let’s examine the situation further.
Dogecoin invites the bulls
According to data from CoinMarketCap, the value of Dogecoin (DOGE) experienced a significant surge, with an overall growth of more than 6% in the past week. Intriguingly, within the last 24 hours, DOGE’s worth saw a noteworthy increase, exceeding 2%.
As I pen down these words, DOGE is currently exchanging hands at around $0.1252 in the cryptocurrency markets. Boasting a market capitalization that surpasses $18 billion, this digital asset ranks as the ninth most valuable crypto in existence according to current statistics.
As a crypto investor, I’ve noticed an uptick in the price of this memecoin recently. Consequently, its sentiment reading, which takes into account various factors like social media buzz and trading volume, has swung positively. This shift indicates that bullish feelings about the coin are currently more prevalent in the market.
Additionally, its social volume also remained high, reflecting its popularity in the market.
In the meantime, a key indicator suggested that it might be the right time to build DOGE.
I, as a dedicated crypto researcher, came across an intriguing post from a well-known analyst named Ali. In his latest tweet, Ali brought attention to a noteworthy development regarding Dogecoin. According to the information in the tweet, Dogecoin’s Technical Analysis (TD) indicator has signaled a buy opportunity. This potential indication suggests that the price of Dogecoin could experience an upward trend soon.
Is DOGE poised for a rise?
Recently, AMBCrypto examined DOGE‘s on-chain indicators to determine if the condition was favorable for a price surge. Based on our interpretation of Santiment’s statistics, the MVRV ratio of DOGE noticeably enhanced during the previous week, signaling a bullish trend.
As a crypto investor, I’ve noticed that the funding rate for Dogecoin (DOGE) has recently turned negative. Typically, when the funding rate goes red, it suggests that prices may move in the opposite direction and increase further.
Despite an upward trend in the memecoin’s price, its open interest took a downturn. Consequently, this situation suggested a potential risk of the memecoin’s price decreasing.
As a crypto investor closely following the market trends, I’ve noticed an intriguing development based on AMBCrypto’s analysis of TradingView’s data. The Moving Average Convergence Divergence (MACD) indicator hinted at an imminent bullish crossover, which is a bullish signal for the price trend. However, there was also a downturn in the Relative Strength Index (RSI), suggesting a potential short-term price decrease that could precede the anticipated uptrend.
The CMF chart exhibits a pattern comparable to the price trend, implying a potential reversal or correction may occur.
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2024-07-02 12:07