Harga DOGE Siap Meroket, Indikator Teknikal Ini yang Jadi Dasar Bullish-nya
Release: 2024/04/30 12:59 Reading: 479
The price of Dogecoin (DOGE) is poised for a potential surge, backed by key technical indicators indicating a possible breakout from its current lows.
Over the past week, the meme cryptocurrency has suffered significant losses, with its value dropping by more than 11%. In the last 24 hours alone, it has seen an additional decline of over 5%.
Dogecoin's Potential Recovery
Despite the downtrend, there may be some positive news for Dogecoin, as reported by AMBCrypto.
According to CoinMarketCap data, Dogecoin is currently trading around $0.1401, with a market capitalization exceeding $20 billion, making it the 8th largest cryptocurrency by market cap.
This notable position highlights Dogecoin's continued relevance in the crypto space despite its recent price struggles.
In the coming days, a change of fortune may be in store for DOGE's price, as a bullish pattern has emerged on its 6-hour trading chart. Prominent technical analysts have observed a formation that suggests a potential breakout.
Should the memecoin successfully break past this pattern, it could trigger a significant bullish rally. Such a rally could not only help DOGE recover its losses but potentially drive it towards or even beyond its March 2024 highs in the following weeks.
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In-Depth Analysis
The optimism for a bullish turn is supported by recent analytical efforts. Initial findings from analysts show that, while Dogecoin's trading volume has declined drastically over the past week, it has shown a noticeable uptick as of the time of writing.
Typically, an increase in volume alongside a price decrease is bearish, as it indicates further value erosion. However, the shift in volume could signal growing interest and potential accumulation by investors.
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The bearish market trend has also affected Dogecoin's social metrics. The memecoin's social value and popularity have slightly declined, as indicated by various crypto social media tracking services. This dip in social traction may have contributed to the negative sentiment surrounding the cryptocurrency.
Moreover, the weighted sentiment for DOGE remains negative, suggesting that a bearish outlook currently dominates among market participants. This sentiment is reflected in broader market indicators such as the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI).
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The MACD has been displaying a clear bearish dominance, while the RSI continues to trend lower, moving further below the neutral threshold. These indicators typically suggest that the market may continue to see price declines for DOGE before a potential recovery.
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