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‘DOGE Day’ and Bitcoin halving optimism lead Dogecoin prices to…

  • Despite bullish signals, the CVD showed that DOGE price may not reach $0.20 anytime soon.
  • Traders are confident that the coin will be profitable in the long term.

Dogecoin (DOGE) price has climbed 6.21% over the past 24 hours after an earlier decline to $0.14. But analyst Ali Martinez said this could be just the start of an uptrend that could last four days.

According to Martinez, the Tom DeMark (TD) Sequential on the daily chart showed a buy signal. TD Sequential is a technique used to identify trend exhaustion and potential reversal.

According to the chart shared by the analyst, sellers became exhausted after DOGE hit $0.14. Therefore, an uptick was supposed to be the next step.

Analyst Predicts Buy Signal for DOGE

Source:

DOGE Day has arrived with good news

Besides the technical point of view, AMBCrypto identified “DOGE Day” on April 20 as another reason why the price of the coin surged.

Previously, we reported how Dogecoin could see a price increase ahead of the day.

Interestingly, the day the project community planned to celebrate turned out to be an event to buy the rumor for price.

But will an “information selling” effect come next? According to data from Coinalyze, the cumulative volume delta (CVD) had fallen into negative territory.

This trend implied that sellers were likely to respond to the offer and pay the current market price for the coin. If this continues, DOGE may not be able to rise above $0.20 in the near term.

DOGE shows bearish sign

Source: Coinalyse

On the other hand, if the CVD rises, buyers could swap the supply while sellers could be sidelined. In this case, the coin’s value could continue to increase for the rest of the week.

Additionally, AMBCrypto looked at the price prediction from an on-chain perspective. One of the metrics we looked at first was volume.

The price could slow down

As of this writing, Dogecoin has risen slightly over the same period its price has been climbing. However, it appears that rising volume is not enough to support a breakout.

Therefore, the DOGE price could stagnate at some point before the end of the new weekend. But in case the trading volume increases significantly along with the price, the bullish thesis could be invalidated.

Additionally, Dogecoin’s aggregate funding increased to 0.01%. Positive funding means that long traders pay fees to keep their positions open.

Data showing how bullish DOGE traders are on the coin

Source: Santiment

This indicates bullish sentiment. However, the financing rate could provide insight into how the price might move.

For DOGE, the highly positive funding with the price increase suggests that long perps are aggressive.


Is your wallet green? Check the DOGE Profit Calculator


Interestingly, these traders are rewarded for their position. In the short term, this is bullish for DOGE. However, if funding decreases, the bullish forecasts could be invalidated.

But for now, DOGE seemed poised to surpass $0.16.

News Source : ambcrypto.com
Gn bussni

Sara Adm

Aimant les mots, Sara Smith a commencé à écrire dès son plus jeune âge. En tant qu'éditeur en chef de son journal scolaire, il met en valeur ses compétences en racontant des récits impactants. Smith a ensuite étudié le journalisme à l'université Columbia, où il est diplômé en tête de sa classe. Après avoir étudié au New York Times, Sara décroche un poste de journaliste de nouvelles. Depuis dix ans, il a couvert des événements majeurs tels que les élections présidentielles et les catastrophes naturelles. Il a été acclamé pour sa capacité à créer des récits captivants qui capturent l'expérience humaine.
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