đDogecoinâs next move: Analyst predicts a possible 66% hike
đ DOGE Bullish Rally: Dogecoin surged by over 15% in the last week and 4% in the past 24 hours, now trading at $0.1312 with a market cap over $19B.
đ Social Volume Spike: Despite the price increase, DOGE's social volume spiked but sentiment remained negative, indicating prevailing bearish sentiment.
đ Bullish Pattern: A bullish falling wedge pattern appeared in March, and DOGE is now approaching its resistance. A breakout could lead to a 66% rally in the coming weeks.
đ Bearish Metrics: Coinglass data shows a decline in the long/short ratio and an increase in funding rate, suggesting potential short-term bearish sentiment.
đ Short Positions: More short positions than long positions indicate dominant bearish sentiment, which could hinder a breakout.
đ Bullish Indicators: MVRV ratio, MACD, MFI, and CMF all show bullish signals, hinting at a potential successful breakout and continued price rise.
