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

• 
  
  DOGE’s
  price
  increased
  by
  more
  than
  15%
  in
  the
  last
  seven
  days. 
• 
  
  A
  few
  metrics
  supported
  the
  sellers,
  but
  market
  indicators
  remained
  bullish. 

Dogecoin
[DOGE]

has
showcased
a
promising
bullish
rally
over
the
last
week
as
its
value
surged
by
double
digits.
The
better
news
was
that
the
bull
rally
might
gain
more
momentum
in
the
coming
weeks
as
it
was
approaching
a
crucial
resistance
level. 

Is
the
memecoin
ready
for
a
breakout?

CoinMarketCap’s

data

revealed
that
DOGE’s
price
increased
by
more
than
15%
in
the
last
seven
days.
In
the
past
24
hours
alone,
the
world’s
largest
memecoin’s
price
has
surged
by
over
4%.

At
the
time
of
writing,
DOGE
was
trading
at
$0.1312
with
a
market
capitalization
of
over
$19
billion.

Thanks
to
the
bullish
price
action,
the
coin’s
social
volume
spiked,
reflecting
a
rise
in
its
popularity.
Surprisingly,
despite
the
recent
price
uptick,
Dogecoin’s
weighted
sentiment
remained
in
the
negative
zone.

This
meant
that
bearish
sentiment
around
the
token
was
dominant
in
the
market. 

Market
sentiment
around
DOGE
can
change
soon,
as
World
Of
Charts,
a
popular
crypto
analyst,
recently
posted
a

tweet

highlighting
a
bullish
development.

As
per
the
tweet,
a
bullish
falling
wedge
pattern
appeared
on
the
memecoin’s
chart.
The
pattern
emerged
in
March,
and
since
then,
DOGE’s
price
has
been
consolidating
inside
the
pattern.

At
the
time
of
writing,
DOGE
was
approaching
the
resistance
of
the
falling
wedge
pattern.
In
the
event
of
a
breakout,
DOGE
might
begin
yet
another
bull
rally.

To
be
precise,
a
breakout
might
result
in
a
66%
rally
in
the
coming
weeks.
Therefore,
AMBCrypto
planned
to
check
DOGE’s
metrics
to
see
the
odyssey
of
a
breakout. 

Odds
of
DOGE
remaining
bullish 

AMBCrypto’s
analysis
of
Coinglass’
data
revealed
a
bearish
metric.
For
example,
the
memecoin’s
long/short
ratio
registered
a
decline.

A
drop
in
the
metric
means
that
there
are
more
short
positions
in
the
market
than
long
positions,
indicating
that
bearish
sentiment
was
dominant
in
the
market.

Its
funding
rate
also
increased
sharply.
Usually,
prices
tend
to
move
the
other
way
than
the
funding
rate.
Therefore,
there
were
chances
of
DOGE
turning
bearish
in
the
coming
days,
which
could
restrict
a
breakout
above
the
falling
wedge
pattern.

Nonetheless,
its
MVRV
ratio
increased
last
week,
which
can
be
inferred
as
a
bullish
signal. 

We
then
planned
to
check
Dogecoin’s
daily
chart
to
better
understand
which
way
the
coin
is
headed.

---

Read

Dogecoin’s
[DOGE]
Price
Prediction

2024-25    

---

Interestingly,
the
indicators
were
bullish
and
suggested
a
successful
breakout
above
the
pattern. 

The
MACD
displayed
a
bullish
advantage
in
the
market.
Both
its
Money
Flow
Index
(MFI)
and
Chaikin
Money
Flow
(CMF)
registered
sharp
upticks,
hinting
at
a
continued
price
rise.