by - The DOGE price has increased by over 6% in the last seven days.
- However, some metrics suggested a pessimistic impression for the memecoin.
Like most cryptocurrencies, Dogecoin [DOGE] has not disappointed investors as it recorded gains over the past week. However, it can get even better as the DOGE price chart is waiting for a “golden cross” within a few weeks.
Dogecoin’s possible uptrend
According to CoinMarketCaps DataThe price of DOGE has increased by 6% in the last seven days. The uptrend continued in the last 24 hours as the price of the world’s largest memecoin rose by over 3%.
At the time of writing, DOGE was trading at $0.1051 with a market cap of over $15 billion, making it the ninth largest cryptocurrency.
Meanwhile, Kevin, a popular crypto analyst, recently published a tweet regarding DOGE, which is exposing a downward channel.
If Dogecoin manages to break the pattern, investors would witness a golden cross. In this case, DOGE could start a long-term bull rally.
Therefore, AMBCrypto planned to check the current status of DOGE to see how the memecoin is doing.
Source: X
DOGE’s path into the future
According to our analysis of Santiment data, Dogecoin’s MVRV ratio has improved, which can be considered a bullish signal. At press time, the value was -4%.
However, DOGE’s trading volume decreased while its price increased. This indicates that investors were hesitant to trade DOGE at a lower price, which may negatively affect the price.
In addition, the NVT ratio has also skyrocketed; an increase in this value means that an asset is overvalued, which in turn indicates a price correction soon.
Source: Santiment
We then checked Dogecoin’s daily chart to better understand what to expect. The MACD technical indicator indicated the chances of a bullish crossover within a few hours if the memecoin maintains its bull rally.
The Chaikin money flow recorded a movement north.
Moreover, the Money Flow Index (MFI) was also near the oversold zone, which may increase the buying pressure on the coin. Generally, an increase in buying pressure leads to a rise in price.
Source: TradingView
To read Dogecoin Price Prediction 2024–2025
AMBCrypto then looked at Dogecoin’s liquidation levels to determine the possible assumed and resistance levels. According to our analysis, DOGE could initially reclaim $0.11 as liquidation would increase at this mark.
If liquidation increases, it acts as a resistance. On the other hand, if the bears gain the upper hand, DOGE could drop to $0.10 in a few days.
