Dogecoin hits 34-day high: Can DOGE maintain its climb?

• 
  
  Dogecoin’s
  price
  surged
  by
  more
  than
  14%
  in
  the
  last
  seven
  days. 
• 
  
  Market
  indicators
  and
  a
  few
  metrics
  looked
  bearish
  on
  DOGE.

Dogecoin
[DOGE]

bulls
have
kept
their
game
up
as
the
world’s
largest
memecoin
reached
a
34-day
high.
This
became
possible
because
of
its
double-digit
price
increase
over
the
last
week.

Let’s
have
a
look
at
the
memecoin’s
current
state
to
see
whether
a
further
price
rise
is
possible
in
the
coming
days. 

Dogecoin’s
latest
achievement

CoinMarketCap’s

data

revealed
that
Dogecoin’s
price
increased
by
more
than
14%
in
the
last
seven
days.
The
bullish
price
trend
continued
in
the
last
24
hours
too,
as
its
value
surged
by
over
4%.

At
the
time
of
writing,
DOGE
was
trading
at
$0.1369
with
a
market
capitalization
of
over
$19.88
billion,
making
it
the
8th
largest
crypto.

Thanks
to
the
bulls,
DOGE’s
price
reached
a
34-day
high.
The
bullish
price
action
also
had
a
positive
impact
on
Dogecoin’s
social
metrics.

For
instance,
its
social
volume
increased,
reflecting
a
rise
in
its
popularity.
Additionally,
its
weighted
sentiment
improved,
which
meant
that
bullish
sentiment
around
the
coin
increased
over
the
last
few
days.

Apart
from
this,
IntoTheBlock’s

data

revealed
that
nearly
50
million
Dogecoin
addresses
were
in
profit,
which
accounted
for
77%
of
its
total
holders. 

Will
DOGE
bull
rally
continue
further?

AMBCrypto
then
checked
Dogecoin’s
on-chain
metrics
to
see
whether
they
hinted
at
a
continued
price
rise,
which
could
allow
DOGE
to
reach
new
milestones.

We
found
that
DOGE
miners
were
having
doubts
about
the
memecoin.
This
seemed
to
be
the
case,
as
DOGE’s
miner
netflow
suggested
a
sell-off. 

Source:
IntoTheBlock

[crypto-donation-box]

The
memecoin’s
derivatives
metrics
also
looked
pretty
concerning.
For
instance,
as
per
our
look
at
Coinglass’

data,
Dogecoin’s
long/short
ratio
registered
a
sharp
decline.

A
drop
in
the
metric
means
that
there
were
more
short
positions
in
the
market
than
long
positions,
suggesting
that
bearish
sentiment
was
rising.

At
press
time,
DOGE’s
fear
and
greed
index
had
a
value
of
73%,
meaning
that
the
market
was
in
a
greed
phase.

ADVERTISEMENT

Whenever
the
metric
hits
this
level,
it
suggests
that
the
chances
of
a
price
correction
are
high. 

Source:
CFGI.io

We
then
took
a
look
at
DOGE’s
daily
chart
to
better
understand
whether
it
would
soon
witness
a
price
correction. 

Read

Dogecoin’s
[DOGE]
Price
Prediction

2024-25      

Our
analysis
revealed
that
after
a
sharp
increase,
DOGE’s
Chaikin
Money
Flow
(CMF)
registered
a
downtick. 

On
top
of
that,
the
coin’s
Money
Flow
Index
(MFI)
entered
the
overbought
zone.
This
might
increase
selling
pressure
on
DOGE
and,
in
turn,
push
its
price
down
in
the
coming
days.

Source:
TradingView