Dogecoin hits 34-day high: Can DOGE continue to climb?
Dogecoin has exploded recently, soaring more than 14% in seven days! Despite the bearish market and some indicators, Dogecoin bulls remain strong, pushing this meme coin to a 34-day high. This wave of growth is all thanks to the double-digit surge last week!
Dogecoin's latest performance:
According to CoinMarketCap data, Dogecoin's price has risen sharply in the past seven days, exceeding 14%. The past 24 hours have also continued to rise, rising by more than 4%. Now Dogecoin is trading at $0.1369, with a market value of more than $19.88 billion, firmly sitting in the eighth place in cryptocurrency.
The power of the bulls is really not small, directly pushing the price of Dogecoin to the highest point in 34 days. This rise has also driven the social popularity of Dogecoin. Everyone has started to discuss it, and the mood is getting more and more optimistic.
What's more impressive is that the data shows that nearly 50 million Dogecoin addresses are profitable, accounting for the majority of total holders, almost 77%!
Can the Dogecoin bull market continue?
We dug up the on-chain data of Dogecoin to see if it can continue to rise. However, miners seem a little hesitant. The netflow of Dogecoin miners shows that they are selling, which is not a good sign.
Looking at the derivative indicators of Dogecoin, it is also worrying. The long/short ratio has dropped sharply, indicating that there are more shorts than longs in the market now, and bearish sentiment is rising.
There is also an indicator called the fear and greed index. Now the index of Dogecoin is 73%, which belongs to the "greed" stage. Every time it reaches this level, the price tends to adjust easily, so be careful.
We took a look at the daily chart of Dogecoin and found that the Chaikin fund flow (CMF) began to decline after the sharp rise, and the fund flow index (MFI) also entered the overbought zone. This may put Dogecoin under greater selling pressure, and the price may pull back in the next few days.
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