As seen with many cryptocurrencies, Dogecoin (DOGE) experienced a slight price drop within 24 hours. However, the meme coin closed above a significant level last week. Let’s take a look at what might happen with DOGE this week.
Current Status of Dogecoin
CoinMarketCap data indicated an 8.6% rise for DOGE over the past seven days. However, the negative daily outlook of the cryptocurrency has disappointed investors in the last 24 hours.
As of the time of writing, DOGE, with a market cap of $15.79 billion and a market value of $0.1084, was listed as the 8th largest cryptocurrency. Data from IntoTheBlock showed that more than 4.7 million DOGE addresses were operating profitably, with over 73% of DOGE addresses in this region.
Popular crypto analyst Crypto Tony recently expressed his expectation for DOGE to close the week above $0.102, which DOGE achieved. Could this closing above the analyst’s mentioned level trigger a new rise?
How Much Will DOGE Be Worth?
DOGE’s on-chain data also revealed important information and provided some insights on whether a rise might occur. According to data provided by Santiment, DOGE miners were seen selling their assets. This situation is understood by the reflection of the decrease in miner supply on the charts, which can be interpreted as miners losing confidence in DOGE and expecting a decline.
Following the noticeable decline, DOGE’s MVRV ratio experienced a drop that could be perceived as a bearish signal. Additionally, there was a decline in Dogecoin’s speed, indicating that DOGE was involved in transactions more weakly within a certain period.
DOGE’s daily charts also presented a different outlook. The MACD indicator for DOGE showed a bullish appearance. At the same time, the Chaikin Money Flow (CMF), one of the indicators that draw attention to market inflows and outflows, also showed a slight increase. Considering this situation, DOGE might reach the $0.13 level within this week.
On the other hand, the Relative Strength Index (RSI), which indicates overbought and oversold conditions, also showed a downward movement, moving towards the neutral zone, though not yet negative. This situation could be interpreted as bears wanting to regain control in the coming days.
If the price continues to decline, investors might face a scenario where the meme coin drops to $0.1 or $0.09. According to Hyblock Capital’s heatmap data, there is intense liquidation at the $0.11 region for DOGE, and considering the possibility of a price correction after reaching this region would be beneficial for investors.
Based on all these factors, DOGE needs to rise above the mentioned level before moving back to the $0.13 level.
