DOGE Price Prediction: Bulls Picked Momentum, What’s Next?
Release: 2024/04/25 23:46 Reading: 249
- Dogecoin price exhibited a rebound and gained momentum.
- Bulls are gaining traction and aim to cross the $0.16000 mark.
Amidst the bearish market sentiments, DOGE price regained vigor and is gaining momentum. Notably, the memecoin held onto the 100-day EMA mark and is attempting to surpass $0.16000. The price action demonstrates a modest retracement move of over 26%, remaining above the mid Bollinger band support zone, reflecting a neutral price structure.
At the time of writing, Dogecoin (DOGE) trades at $0.1503, showcasing an intraday gain of 0.19%, indicating neutrality on the charts. It has a monthly return ratio of -13.20% and 89.27% on a yearly basis. The DOGE/BTC pair stands at 0.00000234 BTC, and the market capitalization is $21.65 billion. Analysts maintain a neutral stance, suggesting that DOGE may retain strength and regain momentum in upcoming sessions.
DOGE Price Volume Profile Analysis on Daily Chart
According to the daily charts of DOGE, the price-to-volume profile indicates a period of price consolidation during the last trading session. However, the trend remains neutral, and buyers are anticipated to surpass the 50-day EMA to regain momentum. Intraday trading volume has surged by over 36.29% to $1.90 billion.
Price Volatility & Weighted Sentiment Outlook
Amidst the price rebound, DOGE exhibits a decline in price volatility this week. The price volatility curve has dropped by over 22.90% to 0.0078. However, the weighted sentiment value remains below the midline at -0.422.
Social Dominance and X Followers Insights
As per Santiment data, social dominance has declined by over 22.40% to 0.98%, indicating a decrease in discussion reports. Conversely, X followers have witnessed a surge of over 42.89% to 2561.
Development Activity and Total Open Interest Insights
Despite a significant price upmove of over 11% this week, development activity has experienced a steady decline of over 19.67%, falling below the midline at around 2.6, suggesting a neutral outlook. However, derivative data indicates short covering, as open interest has dropped by over 7.79% to $10.4 billion during the intraday session.
Based on Fibonacci levels, DOGE price is trading near the 38.2% zone and above the 38.2% region. Notably, the RSI curve has remained close to the midline and is showing a positive crossover. Additionally, the MACD indicator has formed a bullish crossover, hinting at a potential pullback.
The total supply of DOGE is 143.81 billion, while the volume-to-market cap ratio stands at 0.0879. It ranks 9th in terms of market capitalization in the global crypto market.
Summary
Dogecoin price is trading close to the demand zone and above the 100-day EMA support zone. Moreover, bulls have initiated accumulation and are seeking to sustain gains and potentially outperform in the upcoming sessions.
Technical Levels
Support Levels: $0.1440 and $0.1350
Resistance Levels: $0.1650 and $0.1800
Disclaimer
The views and opinions expressed in this article are solely for informational purposes and do not constitute financial, investment, or other advice.
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