Like in the case of most cryptos, Dogecoin [DOGE] bears have been dominating lately, with its weekly chart red at press time...
bears have been dominating lately, with its weekly chart red at press time. However, the world’s largest memecoin was trading at a crucial level too. And, this could possibly trigger a trend reversal soon on the price charts.Dogecoin’s value dropped by over 3% last week. So was the case over the last 24 hours too as at the time of writing, DOGE was trading at $0.1012 with a market capitalization of over $14.7 billion.
This indicated that bullish sentiment around the memecoin has been rising. Its social volume also spiked, reflecting its popularity in the crypto space. The rally could allow DOGE to reclaim $0.13 this upcoming week. Nonetheless, a slip under the support might push DOGE down to $0.094.Finally, AMBCrypto’s analysis of Hyblock Capital’s data revealed a bullish indicator. As per our analysis, DOGE’s whale vs retail delta increased from 0 on 16 August to over 43 on 17 August.
The NVT ratio registered a sharp uptick too, which meant that the memecoin was overvalued. Another bearish metric was the MVRV ratio, which remained low.
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