- Social sentiment around the memecoin turned bearish.
Market indicators suggested that DOGE was testing a crucial resistance.
As an analyst with years of experience in the crypto market and a keen eye for spotting trends, I find myself intrigued by Dogecoin’s recent behavior. The price surge over the last 24 hours, while welcome, is not without its concerns.
Following a week with multiple consecutive declines, Dogecoin [DOGE] has now started to show signs of an upward trend, indicating potential bullish momentum. This popular meme-based cryptocurrency has experienced a price increase recently, but it remains uncertain whether this trend will persist in the future.
Dogecoin whales make a move!
Over the past week, Dogecoin has experienced some volatility, with both significant increases and decreases in value. In fact, according to CoinMarketCap, its price has fallen by more than 13% during this period.
In the past 24 hours, it has been advantageous for investors as the coin’s value surged more than 3%. Currently, the most prominent memecoin globally is being exchanged at approximately $0.1077, and its market capitalization exceeds $15 billion.
The latest rise in price didn’t have a positive impact on the memecoin’s social metrics.
According to AMBCrypto’s assessment based on Santiment’s data, Dogecoin’s influence in social conversations decreased during the recent period, suggesting a decrease in discussions about the meme coin among investors.
Furthermore, the sentiment attached to the coin was found to be more negative (bearish), as indicated by a decrease in its weighted sentiment, implying an increase in pessimism about the coin in the recent period.
During this period of price volatility, major Dogecoin investors (referred to as ‘whales’) took action. Notably, cryptocurrency expert Ali shared an insightful tweet about a notable occurrence in the Dogecoin market recently.
According to a recent tweet, large Dogecoin investors (referred to as ‘whales’) purchased approximately 1 billion DOGE within the past 24 hours, equating to around $108.7 million. This suggests that these significant market players have faith in the meme-based cryptocurrency and anticipate its price increase.
Is DOGE poised for a price hike soon?
Due to potential price increases, AMBCrypto closely examined the current condition of the world’s biggest memecoin to determine if indicators suggested an upcoming bull market.
From our examination of IntoTheBlock’s statistics, we found that the influx of Dogecoin (DOGE) decreased over the past few days. A decrease in this metric suggests that the demand for selling DOGE is diminishing, indicating a potential positive trend or bullish outlook.
Despite other performance indicators suggesting a negative outlook for Dogecoin, it’s worth noting some key findings: For example, the MVRV (Market Value to Realized Value) ratio for DOGE took a steep dive last week. Additionally, the frequency of Dogecoin being used in transactions over a specified period has decreased, which is signified by its velocity dropping as well. This indicates less frequent usage of DOGE in transactions.
Read Dogecoin [DOGE] Price Prediction 2024-2025
Next, we scrutinized the daily graph for the meme coin. According to our assessment, Dogecoin was attempting to break through a resistance point close to its 20-day Moving Average (MA). This is an important test because if it surpasses that level, it could initiate a bull run. On the contrary, if this test fails, Dogecoin might fall to around $0.092.
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2024-10-05 00:39