Dogecoin (DOGE) investors welcomed the meme token‘s comfortable rise on a weekly basis. The recent price increase in the cryptocurrency allowed it to surpass a significant resistance level, which could soon lead to a macro bull rally.
Dogecoin’s Rising Trend
Dogecoin’s price dropped to $0.12 on May 1st but soon gained upward momentum. The rising trend enabled the meme token’s price to increase by 15% over the last seven days. At the time of writing, according to the 21milyon.com website, its market value is over $23 billion at a price of $0.1635.
However, it was interesting that the sentiment around DOGE remained bearish despite the daily price increase. Its social volume also dropped after the rise on May 4th. A popular crypto analyst, Rekt Capital, recently shared a tweet giving hope that the meme token’s price might increase further.
DOGE Price Analysis
The tweet also indicated that this development confirms a macro upward trend for DOGE, which could lead to new peaks in the coming months. Although a macro upward trend has started, claiming that DOGE will soon reach its all-time high might be ambitious.
Cryptocurrency analytics firm Santiment revealed that the meme token’s MVRV ratio has turned positive, which could mean more investors are profiting. This situation shows that DOGE is being used more frequently in transactions within a certain time frame. Some technical indicators also look quite bullish. For example, the MACD displayed a clear upward trend. The Relative Strength Index (RSI) also recorded a rise, indicating a high probability of continued price increases. However, the Money Flow Index (MFI) remained below the neutral level, indicating a bearish trend.
