Dogecoin’s next move: Analyst predicts a possible 66% hike

DOGE

As a seasoned researcher with extensive experience in analyzing cryptocurrency market trends, I have closely monitored Dogecoin’s [DOGE] price action over the past week. The memecoin’s impressive 15% price surge within seven days has piqued my interest and fueled my curiosity regarding its future prospects.

As a researcher studying the cryptocurrency market, I’ve observed an impressive surge in Dogecoin‘s [DOGE] value over the past week, with double-digit percentage gains. The exciting part is that this bullish trend may continue to build momentum in the upcoming weeks as DOGE approaches a significant resistance level.

Is the memecoin ready for a breakout?

According to recent findings from CoinMarketCap, the value of DOGE has experienced a significant rise of more than 15% in the previous week. Intriguingly, within the last day, there has been an impressive surge of over 4% in the price of this popular meme coin.

In my current composition, DOGE was priced at $0.1312 during the point of compilation, and it flaunted a market value exceeding $19 billion.

Due to the coin’s positive price movement, there was a significant increase in social media chatter about it, indicating growing interest. However, surprisingly, the overall sentiment towards Dogecoin, as measured by more comprehensive analysis, remained negative despite its recent price rise.

This meant that bearish sentiment around the token was dominant in the market.

The perspective towards Dogecoin (DOGE) in the cryptocurrency market could shift rapidly, according to World of Charts, a renowned crypto analyst, who recently shared insight into a promising bullish trend.

I’ve noticed an intriguing development with Dogecoin’s price chart recently. There seems to be a bullish falling wedge formation taking shape since March. This pattern indicates potential compression and eventual breakout of the wedge, which could lead to a significant price surge for DOGE. As a crypto investor, I’m keeping a close eye on this development and preparing for potential opportunities that might arise from it.

As I pen this down, DOGE was getting close to the resistance line of its falling wedge formation. If it managed to break past this barrier, there’s a strong possibility that DOGE would initiate another bullish trend.

A potential breakthrough for DOGE could lead to a significant 66% price surge within the upcoming weeks. In light of this possibility, AMBCrypto intends to examine DOGE’s key performance indicators to trace its potential breakout progression.

Odds of DOGE remaining bullish

An examination of Coinglass’ data by AMBCrypto uncovered a bearish indicator. Specifically, the long/short ratio for the memecoin showed a decrease.

In simpler terms, when the number of short positions exceeds the number of long positions in metric units, it signifies a greater prevailing bearish attitude among traders.

As a crypto investor, I’ve noticed that the funding rate for Dogecoin has surged significantly recently. Typically, price trends tend to go against the direction of the funding rate. Consequently, there’s a possibility that DOGE may experience a downturn in the near future. This bearish trend could hinder any potential breakout above the falling wedge pattern.

Nonetheless, its MVRV ratio increased last week, which can be inferred as a bullish signal.

We then planned to check Dogecoin’s daily chart to better understand which way the coin is headed.

Read Dogecoin’s [DOGE] Price Prediction 2024-25

Interestingly, the indicators were bullish and suggested a successful breakout above the pattern.

In simple terms, the MACD indicator showed that buying momentum was stronger than selling in the market. Additionally, the Money Flow Index (MFI) and Chaikin Money Flow (CMF) indicators both experienced significant increases, implying further price growth.

2024-07-22 00:07

Is the memecoin ready for a breakout?

Odds of DOGE remaining bullish

Read More