- After a sharp weekly rise, DOGE’s daily chart turned red.
- The fear and greed index signaled a possible sell-off.
After witnessing the rollercoaster ride that is Dogecoin [DOGE], I find myself both excited and cautious about its future prospects. The daily chart’s recent downturn, coupled with the fear and greed index signaling a possible sell-off, has me slightly on edge. However, as a seasoned investor who’s seen more than a few market swings, I know better than to make hasty decisions based on short-term fluctuations.
Following a strong surge in value over the past week, Dogecoin (DOGE) has let down its investors due to a recent decline in price within the last 24 hours. However, despite this setback, the digital currency is poised to challenge its record highest point.
Will DOGE set a new record, or will it leave investors expecting more?
Dogecoin to test its ATH?
According to CoinMarketCap, Dogecoin’s price increased by over 20% during the past week. However, this upward trend halted within the last 24 hours due to a 5% decrease in its value.
At press time, the memecoin was trading at $0.4373, making it the seventh-largest crypto.
As I was scrolling through my feed, I came across a tweet from MilkyBull Crypto – a well-known figure in the crypto world – hinting that Dogecoin (DOGE) was nearing its peak value, potentially reaching its all-time high.
Remarkably, a user of X made a comment on the post, inquiring about the possibility of DOGE reaching $5. In response, MilkyBull Crypto expressed doubt, yet added that unpredictable events may occur.
DOGE’s next move
For now, the volume involved in handling DOGE decreased by 15%. This is positive information because a decrease in volume along with a price drop often suggests that a bearish trend might be ending and a bullish one starting.
But its Weighted Sentiment declined — a sign of rising bearish sentiment around Dogecoin.
As a crypto investor, I found it encouraging to see that the Open Interest decreased alongside the falling prices, indicating a potential trend reversal in the near future.
Despite an increase in Doge’s Funding Rate, this suggests that derivative investors were actively purchasing the memecoin, taking advantage of its discounted price.
According to AMBCrypto’s analysis, Dogecoin’s price is currently moving within an upward trending channel. At this moment, the price is attempting to break through the channel’s upper resistance level.
In simpler terms, the MA Cross signal shows the market has a strong bullish trend, possibly leading to a successful breakthrough. If this occurs, it’s quite possible that Dogecoin could soon reach its all-time high.
Nonetheless, even if the memecoin goes beyond its ATH, the chances of a correction after that still remain.
If Dogecoin reaches a new all-time high (ATH), there’s a possibility that investors could see the price fall back to around $0.367 at some point afterwards.
Read Dogecoin’s [DOGE] Price Prediction 2024–2025
It appears that Doge’s price may not reach its all-time high (ATH) for a while, given the recent surge in “extreme greed” among investors, according to the fear and greed index.
Whenever that happens, it indicates that the chances of a price correction are high.
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2024-11-25 01:11