Is Dogecoin [DOGE] turning bullish? Key data suggests…

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    Dogecoin’s RSI remained above its neutral line at press time.
    DOGE’s price increased by over 3% in the last 24 hours. 

As a seasoned researcher with years of experience analyzing digital currencies, I find myself intrigued by the recent performance of Dogecoin [DOGE]. Despite ending the previous trading session with a loss, it seems that Dogecoin has managed to bounce back, exhibiting a bullish trend.

1. In its last trading session, Dogecoin (DOGE) experienced a decline. However, recent trends suggest a possible reversal, hinting at a potential change in market dynamics.

Although the prices have positively trended, the trading activity hasn’t surged to the extent it usually does when a reversal is considered robust and enduring.

Dogecoin recovers

29th July marked a 4% decrease in Dogecoin’s value, which was concurrent with a 1% drop in Bitcoin [BTC]. Remarkably, despite these unfavorable market conditions, Dogecoin managed to limit its losses and ended the day at approximately $0.130, demonstrating a minimal daily decline of 1%.

Based on AMBCrypto’s assessment, Dogecoin (DOGE) has bounced back from its previous decline, currently trading approximately at $0.134 as I write this, signifying a rise of more than 3% compared to its previous value.

1. Lately, the price hike has helped sustain the upward momentum of Dogecoin. At the moment, the RSI stands at 60, which serves as a substantial signal reinforcing this optimistic viewpoint.

With an RSI level of 60, DOGE indicates a robust uptrend, yet it hasn’t entered the territory of being overbought. This could potentially draw in additional buyers if the positive price movement persists.

Dogecoin’s volume trends negatively

Per recent figures from CoinMarketCap, Dogecoin’s trading volume surpassed $850 million, demonstrating a notable level of activity for this meme-based cryptocurrency.

30% or more decrease has occurred over the past 24 hours, suggesting that the price and volume patterns are not aligning well together.

To maintain a robust and enduring bullish trend, substantial or persistently high trading volumes are required as a foundation. The present situation may indicate weaker market activity behind the recent price increase.

DOGE in profit increases 

As a researcher analyzing market trends, I found an interesting insight from Santiment’s data: On the 28th of July, around 73% of Dogecoin holders were in profit, translating to roughly 106 billion DOGE coins being profitable at that moment.

I’ve noticed a modest rebound since that point in time. The most recent figures indicate that approximately 74% of Dogecoin transactions resulted in a profit, which translates to around 107 billion tokens.

The term “in profit” represents the Dogecoins that were purchased at a lower price than the present market value. Should these coins be sold, a profit would be realized.

The recent increase is influenced by the overall increase in Dogecoin’s price. 

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2024-07-30 07:04