Dogecoin’s price in the cryptocurrency market has dropped by over 7% in the past week, and only 77% of DOGE investors are currently in profit according to IntoTheBlock’s data.
However, signs of a potential trend reversal are emerging. Crypto analyst KNIGHT $INJ TO 100$ believes DOGE is still in an accumulation phase, and a breakout from this could allow the memecoin to potentially reach $1.
Various market indicators suggest bullish sentiment is starting to outweigh bearish sentiment for DOGE (one of the top 10 altcoins). Its funding rate, open interest, MVRV ratio, Chaikin Money Flow, and RSI have shown improvements recently.
According to Hyblock Capital’s analysis, if DOGE turns bullish, its price might first target $0.147 as liquidations rise, and a successful breakout above that could push it to $0.15. However, if the bearish trend continues, DOGE could drop to its support level near $0.131.
Overall, DOGE investors might have to be patient in the short-term, but signs point to a potential price surge ahead if the memecoin can break out of its current accumulation phase.
Source: AMB CRYPTO
