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%.

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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.

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

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

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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.

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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.

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

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