- The price of DOGE has fallen by more than 1% in the last 24 hours.
- Most metrics and indicators seemed optimistic on DOGE.
Memecoins started their bull rallies days after the Bitcoin [BTC] halved, allowing them to make double-digit gains. However, Dogecoin [DOGE]The world’s largest memecoin, did not perform well as it remained relatively dormant.
Dogecoin remains less volatile
According to CoinMarketCapThe price of Dogecoin has only increased marginally over the past seven days. In fact, its value has actually fallen by more than 1% in the last 24 hours.
At the time of writing, DOGE was trading at $0.1609 with a market cap of over $23 billion. Due to the simmering price action, Dogecoin’s fear and greed index also turned neutral as it was trading at 54% at the time of writing.
Source: CFGI
However, investors should not lose hope as the memecoin price has been moving within a bull pattern. World of Charts, a popular crypto analyst, posted tweet This highlighted how DOGE’s daily chart showed a bullish pennant pattern.
According to the tweet, DOGE’s price consolidated within the pattern, which was the main reason behind the memecoin’s less volatile price action. If the coin manages to break above the pattern, investors could witness a massive price increase.
The uptrend means DOGE might as well hit $0.3 in the next month.
What statistics suggest
To see if DOGE is likely to successfully break above the bull pattern, AMBCrypto analyzed Santiment’s data. We found that the memecoin’s MVRV ratio improved significantly over the past week.
This meant more investors made a profit. The rate also shot up on April 21, meaning DOGE was used more often on transactions within a certain time frame.
Moreover, Dogecoin’s funding rate remained low. Since prices tend to move in the opposite direction of the financing rate, this indicates that investors will soon witness the price increase of DOGE.
Source: Santiment
We then took a look at DOGE’s daily chart to better understand where it is heading in the short term. We found that Dogecoin’s MACD showed the possibility of a bullish crossover.
Moreover, the meme coin’s Relative Strength Index (RSI) also registered an increase and traded above the neutral mark of 50. This indicated that the chances of a price increase in the coming days are high.
Realistic or not, here it is DOGE’s market cap in BTC terms
A price increase could allow DOGE to break above its bull pattern soon, which could lead to the meme coin’s price reaching $0.3. Nevertheless, the Money Flow Index (MFI) told a different story.
The technical indicator moved south, indicating that the downward price trend could last longer.
Source: TradingView