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Dogecoin’s next move: Analyst predicts a possible 66% hike

Release: 2024/07/22 19:19 Reading: 532

Dogecoin’s next move: Analyst predicts a possible 66% hike

DOGE Price Surge Nears Resistance; Bullish Breakout Imminent?

Dogecoin's [DOGE] recent rally has been impressive, with its price increasing by over 15% in the past seven days. Even in the last 24 hours, the world's largest memecoin has gained over 4%. At the time of writing, DOGE traded at $0.1312, boasting a market capitalization of over $19 billion.

Despite a negative weighted sentiment, indicating market bearishness, DOGE's social volume has surged, reflecting increased popularity. Notably, a popular crypto analyst, World Of Charts, has highlighted a bullish falling wedge pattern on DOGE's chart. Since March, DOGE's price has consolidated within this pattern and is approaching its resistance level. A breakout could trigger another bull rally, potentially leading to a 66% price increase.

However, Coinglass' data suggests some bearish metrics. A decline in DOGE's long/short ratio indicates more short positions than long positions, suggesting bearish sentiment. Additionally, its funding rate has risen sharply, increasing the likelihood of a bearish correction that could hinder a breakout.

On the other hand, DOGE's MVRV ratio has increased, which is a bullish signal. Furthermore, technical indicators like the MACD, MFI, and CMF indicate a bullish advantage and potential for continued price appreciation.

Overall, while some metrics point to bearish tendencies, the overall outlook for DOGE remains bullish, especially considering the approaching resistance level breakout.

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