- Both Dogecoin’s weekly and daily charts were painted green.
- Whales were dominant in the market, but a key indicator turned bearish.
As a seasoned researcher with years of experience in the crypto market, I must admit that Dogecoin [DOGE] has been quite the interesting asset to follow lately. With its weekly and daily charts painted green, it’s hard not to notice its commendable performance.
Over the past period of market growth, various cryptocurrencies displayed impressive gains, with Dogecoin [DOGE] being one of the standouts. During this time, AMBCrypto identified a bullish pattern on its chart, suggesting that another surge in bullish sentiment may be imminent for this meme coin.
Dogecoin’s promising performance
As an analyst, I observed a noteworthy growth in Dogecoin (DOGE) based on data from CoinMarketCap. Over the past week, DOGE was one of the select cryptocurrencies that registered positive gains, with its value increasing by more than 2%. The bullish trend continued over the last 24 hours, as the world’s leading memecoin experienced a significant surge, with its price jumping by approximately 5%.
Currently, DOGE is being exchanged for approximately $0.1096, and its total market value surpasses $15.9 billion.
Due to the surge in popularity of the memecoin last week, it generally had a favorable outlook for most of the period.
It’s clear that a strong positive opinion about Dogecoin prevailed, and this optimism was widespread. Additionally, the coin kept a notable level of conversation within the cryptocurrency community last week, demonstrating its ongoing significance.
As I delved into the analysis of Dogecoin’s (DOGE) price movements, I identified a bullish falling wedge pattern on its chart. This intriguing pattern appeared in the month of April and ever since, DOGE’s price has been confined within this consolidation pattern.
In case of a bullish breakout, DOGE might retouch its April high in the coming weeks.
Is a bullish breakout possible?
After examining Santiment’s data, AMBCrypto determined the likelihood of a forthcoming bullish surge within the short term.
Last week, we observed an enhancement in the MVRV ratio of the memecoin, suggesting a potentially positive outlook. In other words, this indicator points towards a potential increase in price. Additionally, the frequency of Dogecoin (DOGE) being utilized in transactions within a specific period has risen, indicating an uptick in its activity or velocity.
On the other hand, as DOGE‘s price went down, its trading volume also decreased, a pattern that usually leads to price adjustments or corrections.
A fascinating new discovery emerged upon examining the data provided by IntoTheBlock. Our analysis indicates that around 41% of Dogecoin’s entire supply is held by a relatively small number of large investors, often referred to as ‘whales’.
To begin with, the Dogecoin (DOGE) whale-versus-retail difference registered at more than 89. This particular metric fluctuates between -100 and 100, where a value of 0 means both whales and retail investors hold an equal amount. A positive value indicates that whales own more, while a negative value suggests retail investors have the majority.
Therefore, a value of 89 suggested that whales were having higher long exposure than retail.
Read Dogecoin Price Prediction 2024-2025
After examining Dogecoin’s daily graph, AMBCrypto sought insights about a potential breakout. Notably, the Relative Strength Index (RSI) showed a rise.
The Moving Average Convergence Divergence (MACD) indicated a potential bullish crossing, suggesting an upcoming price rise. However, the Chaikin Money Flow (CMF) leaned towards the bears since it was heading downward.
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2024-08-12 05:12