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Is Dogecoin spot for a major leap? Historical dispositions recount sure!
Is Dogecoin spot for a major leap? Historical dispositions recount sure!

Written by Digital Info

June 3, 2024

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According to CoinMarketCap, DOGE experienced a correction of over 3% in the past week. However, there was a slight improvement in the last 24 hours as the meme coin’s price saw a marginal increase.

At the time of writing, Dogecoin was trading at $0.1603 with a market capitalization exceeding $23 billion.

Simultaneously, an analysis revealed that DOGE has entered a pattern observed in 2016 and 2020, both of which resulted in bull rallies and new all-time highs for the coin.

If history repeats itself and DOGE follows this pattern, we may see the coin reaching new highs in the coming weeks or months.

Despite the positive long-term outlook due to the reemergence of the historical pattern, AMBCrypto examined short-term metrics to provide insights into what to expect.

Santiment’s data showed a significant drop in DOGE’s trading volume over the past week. Another bearish metric was the decrease in velocity, indicating reduced activity. However, the memecoin’s MVRV ratio slightly improved, likely influenced by its recent gains.

Despite the recent price increase, market sentiment towards the meme coin remained bearish, evident from a substantial decline in its weighted sentiment. Additionally, Dogecoin’s social volume decreased, reflecting a decline in the coin’s popularity.

Technical indicators for DOGE were analyzed, revealing a positive uptick in the Chaikin Money Flow (CMF) and Relative Strength Index (RSI), suggesting a potential price rise.

Hyblock Capital’s data suggested that if DOGE turns bullish, it could initially target $0.167, with a further breakout potentially leading to a price of $0.175 in the near future.

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