Connect with us

doge

Has Dogecoin Price Hit Overbought After 30% Weekly Surge?

Published

3 months ago

on


The Dogecoin price dipped 2% during Sunday’s trading session to reach the $0.141 level. This slight pullback follows a strong recovery last week, giving buyers a chance to regain momentum. The recent rally was driven by Billionaire Elon Musk’s mention of “D.O.G.E.” during a Trump campaign event and, therefore, could lack sustainability for a higher price.

Is Dogecoin Price Overbought After a 30% Weekly Surge?

The ‘Uptober’ has recently returned to the crypto market as the leading digital asset, Bitcoin, hasting towards $70,000. Among top altcoins, the Dogecoin price showed a high momentum from $0.103 to $0.145, for 42.2% growth.

Elon Musk’s influence mainly drove this recovery after he mentioned “D.O.G.E.” during Trump’s Pennsylvania campaign event. Furthermore, the Dogecoin price prediction shows a decisive breakout from the resistance trendline of a symmetrical triangle pattern intact since August 2024. 

The chart setup drove a steady consolidation resonating between two converging trendlines, meant to recuperate the bullish momentum. However, the coin price stretched too far from the Exponential moving average, indicating the buyers have overextended the recovery trend, which needs a correction.

By press time, the DOGE price had traded at $0.14, while the market cap had rallied to $20.68 billion. Therefore, a potential pullback could plunge the asset 12% down to retest the breach triangle resistance at $130.

Dogecoin PriceDogecoin Price
DOGE/USDT -1d Chart

SHIB MVRV Spike Hints at Local Market Top

According to Santiment data, the 30-day Market Cap to Realized Cap ratio (MVRV) spiked to 14%, indicating that short-term traders are experiencing profit. While this trend may hint at a bullish outlook, the positive MVRV ratio often coincides with local market tops, as traders typically choose to book profits during these periods. 

This could increase selling pressure and trigger a short-term pullback before the market resumes its upward trend.

Dogecoin (DOGE) Dogecoin (DOGE)
30-day MVRV | Santiment

If the dogecoin price managed to sustain its recent breakout, the buyers could drive a rally to nearly $2 level, accounting for 50% growth potential. 

Frequently Asked Questions (FAQs)

The recent 30% weekly surge in Dogecoin, driven by Elon Musk’s mention of “D.O.G.E.” during a Trump campaign event, suggests the price may be overbought

The Dogecoin breakout from the symmetrical triangle pattern, which had been intact since August 2024, signals a major trend reversal

The MVRV ratio spiking to 14% indicates that short-term traders are experiencing profits, often a signal of a local market top

✓ Share:

Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





Source link

Related Topics:
Continue Reading

ADA

XRP Flashing Bullish Signal That Previously Triggered 470% Upside Burst, According to Analyst Ali Martinez

Published

3 days ago

on

January 9, 2025

By


A closely followed crypto strategist says XRP is giving off the same bullish signal it flashed late last year before triggering a parabolic surge.

Analyst Ali Martinez tells his 110,100 followers on the social media platform X that XRP may be gearing up for a new leg up based on its SuperTrend indicator.

The SuperTrend indicator is a technical analysis tool that aims to identify potential entry and exit points based on an asset’s trend.

Says Martinez,

“The last time the SuperTrend indicator flipped bullish on the 12-hour chart, XRP went up 470%… It just flipped bullish again.” 

Image
Source: Ali Martinez/X

At time of writing, XRP is trading for $2.28.

Turning to Cardano, the trader thinks that ADA looks poised for a big rally after breaking out from a bullish continuation pattern on the daily chart.

“Cardano ADA is breaking out of a bull pennant, targeting $3!”

Image
Source: Ali Martinez/X

At time of writing, ADA is worth $0.99.

Next up is the top memecoin Dogecoin (DOGE), which the trader says is being gobbled up by deep-pocketed investors.

“Whales bought 140 million Dogecoin DOGE in [24 hours]!”

Image
Source: Ali Martinez/X

Martinez also notes that traders are currently bearish on Dogecoin, suggesting that the meme token may be primed to go against the crowd.

“Dogecoin DOGE weighted social sentiment is at -0.60, which means the crowd remains very pessimistic about its upside potential. This might be a good time to be a contrarian!”

Image
Source: Ali Martinez/X

At time of writing, DOGE is trading at $0.35.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X, Facebook and Telegram

Surf The Daily Hodl Mix

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney





Source link

Continue Reading

doge

70 Million DOGE Make Their Way To Binance Amid 10% Dogecoin Price Crash

Published

3 days ago

on

January 8, 2025

By



Este artículo también está disponible en español.

Whale Alert, a prominent crypto and blockchain tracking platform, has spotted a massive DOGE deposit amid the Dogecoin price crash. This enormous deposit, involving over 70 million DOGE tokens, was moved by an anonymous whale to Binance, the world’s largest crypto exchange. Moreover, the lofty Dogecoin transaction comes on the heels of a recent10% price crash in the meme coin. 

Whales Move Over 70 Million Dogecoin To Binance

The recent Dogecoin price crash may have triggered fear among investors, as DOGE whales are suddenly selling off their holdings. With analysts and traders expressing hopes of an imminent Dogecoin price breakout, many are voicing frustration and concern over the ongoing DOGE sell-offs, fearing further delays in the market’s momentum.

Notably, Whale Alert spotted a substantial Dogecoin transfer on January 7. The cryptocurrency tracker reported that approximately 70,081,124 DOGE tokens were moved by an anonymous whale to Binance. This massive deposit, worth over $27.6 million, has caught the attention of the crypto market, as most large-scale whale transactions often do. 

Typically, when an asset is transferred from a wallet to a crypto exchange, it indicates the potential for a sell-off. This is because investors often move their holdings to crypto platforms like Binance when they plan to liquidate their positions. 

The recent 70 million DOGE transfer is a large-scale market movement that could lead to increased volatility, potentially triggering more downturn for Dogecoin. At the time of writing, CoinMarketCap’s data shows that the Dogecoin price has declined by more than 11.2% in the past 24 hours. Considering the meme coin’s susceptibility to slight changes in market trends, additional sell-offs could exacerbate fears of further declines, potentially placing even more downward pressure on Dogecoin. 

Notably, crypto analyst Ali Martinez has reported on X (formerly Twitter) that Dogecoin’s TD sequential is presenting a sell signal on its daily chart. Given this development, Martinez states that a Dogecoin price correction should be expected, as widespread liquidations often lead to a downtrend.  

Analyst Cautions Against Selling DOGE

After breaking out of this Ascending Triangle, Dogecoin appears to have returned to the apex, testing it as a new support zone and aiming to bounce off this level to continue its upward trend. Crypto analyst Trader Tardigrade shared a chart on X, highlighting that the apex of the Ascending Triangle could serve as a launchpad for a Dogecoin price rally, with the potential to reach a new ATH of $0.95.

Dogecoin price
Source: X

 

Consequently, Dogecoin investors are being urged to stay on course as the meme coin undergoes this critical phase in its price action. Trader Tardigrade has emphasized that now is not the time to sell off prematurely or short DOGE, as doing so could result in missing the projected price surge to a new ATH.

Dogecoin price chart from Tradingview.com
DOGE price holding above $0.34 | Source: DOGEUSDT on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com



Source link

Continue Reading

doge

Dogecoin Jumps 20%, But Social Media Still Bearish: Green Signal For Rally?

Published

5 days ago

on

January 7, 2025

By


Dogecoin has made some notable recovery during the past week, but social media users have remained bearish. Here’s why this could be good for the rally.

Dogecoin Weighted Sentiment Has Remained Negative Recently

As pointed out by analyst Ali Martinez in a new post on X, the Dogecoin Weighted Sentiment still has a red value. The “Weighted Sentiment” here refers to an indicator from the analytics firm Santiment that tells us about the dominant sentiment related to a given asset that’s present on the major social media platforms.

This metric is based on two other indicators: Sentiment Balance and Social Volume. The first of these, the Sentiment Balance, calculates the net sentiment present on social media.

It works by putting the various posts/messages/threads through a machine-learning model to differentiate between positive and negative posts. Then, it takes the two counts and subtracts them to determine the net market situation.

While the Sentiment Balance does provide a rough overview of social media, it may not always be the best representation of the majority of the users, as all it can do is take into account the data of the posts currently present. That is, it only says about the sentiment of the active users, regardless of whether they are actually a minority by count.

To mitigate this problem and achieve more accuracy, the Weighted Sentiment incorporates the second element: the Social Volume. This indicator measures the total unique number of posts on social media that mention the cryptocurrency.

Thus, by weighting the Sentiment Balance by this metric, the Weighted Sentiment ensures that its value only registers a spike (in either direction) when there is both a significant tendency towards one sentiment and a large number of users voicing said sentiment.

Now, here is the chart for the Weighted Sentiment for Dogecoin shared by the analyst that shows the trend in its value over the past few months:

Dogecoin Weighted Sentiment

As displayed in the above graph, the Dogecoin Weighted Sentiment turned negative in December as the meme coin’s bull rally hit an obstacle, and its price reversed to the downside.

The negative sentiment hasn’t changed in 2025 so far, but interestingly, the trend in the price has. Over the past week, the asset has seen a recovery rally of more than 20%. The continued bearish sentiment would imply this run hasn’t been enough to change the opinion of social media users yet.

Historically, digital assets have tended to move in a way that’s opposite to the expectations of the majority. From the chart, it’s apparent that Dogecoin’s tops in November were accompanied by sharp positive spikes in the Weighted Sentiment.

Therefore, considering that the traders are pessimistic towards DOGE right now, chances may be that this latest rally could have further room to run before encountering a wall.

DOGE Price

Following its recovery during the last few days, Dogecoin has seen its value climb to the $387 mark.

Dogecoin Price Chart



Source link

Continue Reading
Advertisement [ethereumads]

Trending

    wpChatIcon