Dogecoin (DOGE) faced a price correction in the last 24 hours, similar to many other cryptocurrencies. Despite this, the memecoin closed the previous week above a crucial support level.
Recent Performance of Dogecoin
Over the past week, DOGE’s price increased by more than 9%, according to CoinMarketCap. Currently, over 4.7 million DOGE addresses show profits, representing more than 73% of total addresses. Notably, crypto analyst Crypto Tony anticipated DOGE would close the week above $0.102, and it achieved this goal.
Analyzing DOGE’s Future Targets
Recent analysis from Santiment indicates that DOGE miners sold their holdings. This trend reveals a lack of confidence among miners, who expect a price drop. Additionally, the MVRV ratio for DOGE declined after a sharp uptick, signaling potential bearish sentiment. Furthermore, DOGE’s velocity decreased, suggesting less frequent use in transactions over a specific timeframe.
Technical Indicators to Watch
Examining DOGE’s daily chart, the MACD indicator shows a bullish crossover. Meanwhile, the Chaikin Money Flow (CMF) registered a slight uptick, hinting at potential positive momentum. If these indicators hold true, DOGE’s price could reach $0.13 this week.
However, the Relative Strength Index (RSI) has moved downward and approaches the neutral mark. This movement suggests that bearish sentiment might prevail in the coming days.
Potential Price Movements
If the price continues to drop, investors may see DOGE fall to $0.1 or even $0.09. Additionally, data from Hyblock Capital indicates that DOGE’s liquidation would sharply rise at $0.11. This price point often results in significant price corrections.
In conclusion, Dogecoin needs to surpass the $0.11 mark to target $0.13 effectively. Investors should remain vigilant as they monitor these developments, as market sentiment can shift quickly. Understanding these trends will help investors make informed decisions in the ever-changing cryptocurrency landscape.
Read Also: Dogecoin Battles $0.11 Resistance as Volume Falls: Key Factors to Watch
