After a week of double-digit price drops, Dogecoin [DOGE] finally gained bullish momentum in the last 24 hours.
Market indicators suggested that DOGE was testing a crucial resistance.finally gained bullish momentum. The world’s largest memecoin witnessed a price rise. But will the trend continue further?Dogecoin has been somewhat turbulent over the last week as it witnessed major uptrend and downtrend. To be precise, as perHowever, the last 24 hours were in investors’ favor as the coin’s price increased by over 3%. At press time, the world’s largest memecoin was trading at $0.
Additionally, the coin’s weighted sentiment also dropped, suggesting that bearish sentiment around the coin increased in the recent past.While this price fluctuation happened, Dogecoin whales made a move. Ali, a popular crypto analyst, recently posted aAs per the tweet, DOGE whales bought over 1 billion DOGE in the last 24 hours, totaling roughly $108.7 million. This indicated that the big players in the market were confident in the memecoin and were expecting its price to rise.
However, the rest of the metrics looked bearish on Dogecoin. For instance, DOGE’s MVRV ratio dropped sharply last week. Moreover, the memecoin’s velocity also declined. This meant that DOGE was used less often in transactions within a set timeframe.We then checked the memecoin’s daily chart. As per our analysis, DOGE was testing a resistance near its 20-day Simple Moving Average . This is a crucial test as a jump above that level could trigger a bull rally.
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