Is Dogecoin hitting a new high or taking a tumble? After a 20% surge, it drops 5%, what to do?
Hey, everyone, Dogecoin (DOGE) has been on fire this past week, surging like crazy. But guess what? After the rise, it dropped a bit, around 5%, which has some folks feeling a bit uneasy.
Looking at the market, the fear and greed index is soaring, feeling like we're on the brink of a big sell-off. However, DOGE has still gained over 20% this week, and even though it pulled back a bit, who knows, it might climb again and break some historical records.
In the end, whether DOGE can shine again, let's just keep an eye on it.
According to CoinMarketCap data, DOGE was shining last week with a gain of over 20%. But in the last 24 hours, it has pulled back a bit, and the growth has halted. Right now, the price of DOGE is $0.4373, still firmly sitting at the seventh-largest cryptocurrency throne.
An analyst named MilkyBull Crypto also mentioned on Twitter that DOGE is not far from its all-time high. Another user asked if DOGE could break $5. MilkyBull Crypto said it's a bit difficult, but who knows in this market?
Looking at the current situation, DOGE's trading volume is down 15%, which is good news for the bulls since a decrease in trading volume often indicates a return of the upward trend. However, market sentiment still seems a bit bearish.
But don't worry, there's more good news. Open interest is falling, which usually indicates a market reversal is coming. Plus, DOGE's funding rate is rising, suggesting that some are buying in at lower prices, anticipating a price increase.
From the daily chart, DOGE is on an upward path, now hitting the peak of that path. The MA Cross indicator also shows that the market is likely to rise, with a significant chance of breaking through. If it does break through, DOGE might challenge its all-time high.
But let's be honest, if DOGE does break its all-time high, there might be a pullback afterward. If it pulls back, it could possibly return to $0.367.
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