- The price of DOGE has fallen more than 1% in the last 24 hours.
- In DOGE, most indicators and indicators looked optimistic.
Memecoins began its upward trend the next day. Bitcoin (BTC) Cut it in half and you could post double-digit profits. but, Dogecoin (DOGE)the world’s largest memecoin, has not been able to demonstrate this performance as it has remained relatively dormant.
Dogecoin is less volatile
According to CoinMarketCap, the price of Dogecoin has moved only slightly over the past seven days. In fact, its value has actually fallen by more than 1% in the last 24 hours.
At the time of this writing, DOGE was trading at $0.1609 with a market capitalization of over $23 billion. Due to the dormant price action, Dogecoin’s Fear and Greed Index also turned neutral, with a value of 54% at press time.
Source: CFGI
However, investors should not lose hope as the price of MEMCOIN was moving inside a bullish pattern. Renowned cryptocurrency analyst World of Charts posted the following: Twitter We highlight how the daily chart of DOGE displays a bullish pennant pattern.
According to the tweet, DOGE’s price consolidated within a pattern, which was the main reason for memecoin’s less volatile price action. If the coin successfully breaks the pattern, investors could witness a huge price increase.
The upward trend may result in DOGE reaching $0.3 in the next month.
What indicators suggest
To determine whether DOGE is likely to successfully break the bullish pattern, AMBCrypto analyzed data from Santiment. We have noticed a significant improvement in Memecoin’s MVRV ratio over the past week.
This means more investors benefited. The speed also spiked on April 21st, meaning DOGE was used more frequently in transactions within the given period.
Moreover, Dogecoin’s funding rate was still low. This suggests that investors could soon witness the price of DOGE rising, as the price tends to move in the opposite direction to the funding rate.
Source: Santiment
I then took a look at DOGE’s daily chart to get a better understanding of which direction it is heading in the near term. We found that Dogecoin’s MACD indicates a bullish crossover potential.
In addition, Meme Coin’s relative strength index (RSI) also recorded an upward trend, exceeding the neutral line of 50. This indicates that prices are likely to rise in the future.
Realistic or not, the following is DOGE’s BTC market cap
The price rise could cause DOGE to break out of its bullish pattern soon, which could push the price of the meme coin to $0.3. Nonetheless, the Money Flow Index (MFI) told a different story.
Technical indicators are heading south, indicating that the downward price trend may continue for longer.
Source: TradingView