Unlike most meme coins, Dogecoin [DOGE] didn’t turn volatile last week, but the scenario might change soon
Dogecoin , Dogecoin’s price only moved marginally in the past seven days. In fact, in the last 24 hours, its value actually dropped by more than 1%.
At the time of writing, DOGE was trading at $0.1609 with a market capitalization of over $23 billion. Because of the dormant price action, Dogecoin’s fear and greed index also turned neutral, as at press time it had a value of 54%.However, investors must not lose hope as the memecoin’s price was moving inside a bull pattern.
This meant that more investors were in profit. Its velocity also shot up on the 21st of April, meaning that DOGE was used more often in transactions within a set timeframe. On top of that, Dogecoin’s funding rate remained low. As prices tend to move in the opposite direction of the funding rate, it suggests that investors might soon witness DOGE’s price to pump.We then took a look at DOGE’s daily chart to better understand which way it is headed in the short term. We found that Dogecoin’s MACD displayed the possibility of a bullish crossover.
Additionally, the meme coin’s Relative Strength Index also registered an uptick and was headed above the neutral mark of 50. This indicated that the chances of a price uptick in the coming days are high.A price uptick might allow DOGE to break above its bull pattern soon, which might result in the meme coin’s price touching $0.3. Nonetheless, the Money Flow Index told a different story.Dipayan is a full-time journalist at AMBCrypto. He has 2 years of experience in the content creation industry.
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