- Dogecoin’s price increased by more than 15% in the last seven days.
Most metrics and market indicators looked bullish on DOGE.
As a seasoned crypto investor, I’ve seen my fair share of market fluctuations and trends. Dogecoin [DOGE]’s recent price increase by over 15% in just seven days has brought excitement back to the meme coin community. The bullish metrics and indicators on DOGE have given hope for a potential macro-bull rally.
Dogecoin [DOGE] investors were rejoicing as the meme coin had a comfortable weekly rally.
The recent increase in the meme coin’s price reached a significant milestone, surpassing a crucial resistance point. This development could potentially trigger a large-scale bull market.
Dogecoin breaks a barrier
On May 1st, Dogecoin experienced a dip in price down to $0.12. However, this downturn was short-lived as the cryptocurrency quickly regained momentum. As a result, Dogecoin’s value has surged by approximately 15% over the past week, making for an impressive uptrend.
At present, based on CoinMarketCap’s data, the market value of $0.1635 exceeds twenty-three billion dollars.
A possible reason behind this surge could have been Elon Musk.
According to a recent report by AMBCrypto, Tesla made an update to its FAQ section on their website, announcing that customers can now use Dogecoin (DOGE) to buy an expanded range of Tesla products.
Despite the increase in DOGE‘s price each day, the general attitude towards it remained pessimistic. This was reflected in a decrease in its Weighted Sentiment.
Its Social Volume also declined after spiking on the 4th of May.
A well-known cryptocurrency analyst, Rekt Capital, recently shared on Twitter some encouraging signs implying potential price growth for the meme coin.
From a crypto investor’s perspective, I’m thrilled to share that Dogecoin has made a significant shift in its long-term chart. The level that previously acted as strong resistance for years is now acting as newfound support. This transformation marks the end of its prolonged bearish trend.
This tweet additionally indicated that the recent progress signifies a larger bullish trend for DOGE, potentially enabling it to attain fresh heights within the upcoming months.
Dogecoin’s possible weekly targets
As a crypto investor, I understand that the broader trend for Dogecoin (DOGE) has shifted upward. However, it’s important to keep perspective and acknowledge that reaching new all-time highs isn’t an immediate likelihood. To gain insight into DOGE’s potential direction this week, I delved into its essential metrics for a more informed analysis through AMBCrypto.
Based on our examination of Santiment’s figures, it was found that the meme coin’s MVRV ratio had shifted into the positive territory. In simpler terms, this signified that a larger number of investors were currently enjoying profits from their investments.
As an analyst, I’ve noticed a significant increase in DOGE‘s transaction velocity. This implies that there has been a higher frequency of Dogecoin being utilized for transactions during a specified time period.
Some of the technical signals were quite optimistic. For example, the MACD line showed a distinctly bullish crossover.
The Relative Strength Index (RSI) signaled a rise, suggesting a strong possibility for further price growth. On the other hand, the Money Flow Index (MFI) displayed a bearish trend by staying below its neutral threshold.
Realistic or not, here’s DOGE’s market cap in BTC’s terms
As a researcher studying the potential trajectory of Dogecoin (DOGE), I have found it essential to examine the key resistance level identified by Hyblock Capital’s data analysis. Specifically, for DOGE to maintain its bull rally, surpassing the $0.1669 mark is crucial. Crossing this threshold would mean overcoming significant market resistance, potentially leading to a cascade of liquidations if not handled carefully.
A successful breakout above that mark would open the door for DOGE to touch $0.18 or $0.19.
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2024-05-06 12:07