The price of Dogecoin dropped to $0.12 on May 1 but soon gained upward momentum. This upward trend has seen the price of the meme token rise by 15% in the past seven days.
As of this writing, its market cap is over $23 billion, according to data from the 21milyon.com website, and Dogecoin is trading at $0.1590 as of the time of writing.
Interestingly, however, despite the daily price increase, the sentiment around DOGE remains bearish. Its social volume has also declined following the rise on May 4. A popular cryptocurrency analyst, Rekt Capital, recently shared a tweet hoping that the price of the meme token may rise further.
The tweet also stated that this development confirms the macro uptrend of DOGE, which may reach new peaks in the coming months. Although the macro uptrend has already begun, it may be a bit ambitious to claim that DOGE will soon reach new all-time highs.
Cryptocurrency analytics firm Santiment revealed that the MVRV ratio of the meme token has turned positive, which could mean that more investors are taking profits.
This situation shows that DOGE is being used more and more frequently in transactions within a certain time frame. Some technical indicators also look quite bullish. For example, the MACD shows a clear upward trend. The relative strength index (RSI) also recorded an increase, indicating that there is a high probability of continued price increases.
