- The memecoin market sentiment has seen a positive shift recently.
- There has been an increase in buying pressure on Dogecoin.
Following a period of price corrections, the market dynamics have changed with several cryptocurrencies, including Dogecoin [DOGE], experiencing price surges. Moreover, a bullish divergence has emerged on the memecoin’s chart, suggesting a potential continued upward trend.
Let’s delve into the possible price targets for DOGE if the bullish momentum persists.
Dogecoin’s Recent Bullish Movement
Data from CoinMarketCap indicates a significant uptick in Dogecoin’s value over the past 24 hours, with a price surge of over 5%. Currently, DOGE is trading at $0.09944 with a market cap exceeding $14.5 billion, positioning it as the 8th largest cryptocurrency.
Simultaneously, a popular crypto analyst named Ali shared a tweet highlighting a bullish divergence pattern on DOGE’s Relative Strength Index (RSI) chart.
Should the divergence be validated, investors may witness a surge in DOGE’s price in the upcoming days. Additionally, the TD sequential indicator has signaled a buy opportunity on Dogecoin’s 4-hour chart, further supporting a bullish trend.
Source: X
AMBCrypt is set to analyze Dogecoin’s on-chain data to assess the likelihood of the memecoin’s rally continuation.
DOGE’s Potential Price Targets
Based on our analysis of IntoTheBlock’s data, there has been an uptick in accumulation following the buy signal. This is evidenced by the negative exchange netflow associated with DOGE.
A negative exchange netflow typically indicates high buying pressure on an asset, often leading to price upticks.
Source: IntoTheBlock
Additionally, our analysis of Santiment’s data indicates an improvement in Dogecoin’s weighted sentiment, reflecting a growing bullish sentiment towards the memecoin.
Another positive signal is the increase in the MVRV ratio for DOGE. Furthermore, there has been sustained whale activity around the cryptocurrency, as evidenced by a stable whale transaction count.
Source: Santiment
At present, the memecoin is testing a resistance level. A successful breakout could propel Dogecoin towards $0.11. Surpassing that milestone could pave the way for DOGE to target $0.13 within the week.
While the Chaikin Money Flow (CMF) signals an uptrend, indicating a potential breach of the resistance, the Money Flow Index (MFI) presents a conflicting bearish indication.
Source: TradingView
Is your portfolio seeing gains? Explore the DOGE Profit Calculator
In the near term, DOGE’s liquidation risk escalates around $0.10, often leading to price corrections. It is imperative for Dogecoin to surpass this level to sustain its bullish trend. Conversely, a reversal in trend could see DOGE drop to $0.096.
Source: Hyblock Capital
sentence in a different way: “The cat lounged lazily in the sun.”
The cat lazily relaxed in the sun.