If you think Dogecoin's [DOGE] 2.60% hike in the last 24 hours is the beginning of a new rally, you probably need to give it...
2.60% hike in the last 24 hours is the beginning of a new rally, you probably need to give it a second thought. And no, this is not an opinion out of the blue either.
An increase in volatility could trigger rapid changes in the price of a cryptocurrency. This is something memecoins like DOGE are known for. However, the decline here implies that the degree of price fluctuation might be lower.For some time, the altcoin has been swinging between $0.14 and a peak of $0.16. Moving on, the consolidation might remain the same unless something changes on the Dogecoin network.
Historically, a surge in activity on Dogecoin comes with a significant price hike. As recently as March, when the 24-hour active addresses closed in on 250,000, DOGE’s price rallied to $0.22 on the charts.. Should this remain the same in the coming days, DOGE might remain in a tight trading range, as has been the case over the last few weeks.Despite the bearish outlook, however, DOGE might not slump into a bear phase. This was the signal AMBCrypto got from the MVRV Z Score.
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