The post 3 Reasons Why Dogecoin Price Could Surge 30% Soon appeared on BitcoinEthereumNews.com.

Dogecoin price made a strong comeback last week after spending about two weeks in a steep consolidation. DOGE has now stalled again near the $0.40 level, but technicals and falling social sentiment score point to a strong rebound. So, can it jump to the next psychological point at $0.50? Dogecoin Price To Benefit From Falling Social Sentiment One potential catalyst for Dogecoin price is that its social sentiment has dropped to -0.60, much lower than where it was in March. This is an important metric that looks at the number of mentions on social media platforms like X.  Dogecoin Sentiment Score The social sentiment score often rises when a cryptocurrency is in a strong bullish trend as users maintain their optimism. In most cases, however, peak optimism often leads to sharp reversals, possibly as smart money investors start to sell. At the same time, some cryptocurrencies often rise when the social sentiment score plunges. Again, the theory is that some smart money investors use the deterioration of the price movement to accumulate the coins. As shown below, Dogecoin price soared in November after the social score remained at a low level. In line with this, data by CoinGecko and CoinGlass shows that Dogecoin’s daily volume and open interest are much lower than their last month’s highest level.  Dogecoin Open Interest DOGE Is Cheap, According To The MVRV-Z Score Indicator Meanwhile, the market value to relative value z-score indicator shows that the value of DOGE is still cheap despite soaring by 365% from its lowest point in September.  Glassnode data shows that the coin has a score of 2.40, down from November’s high of 2.70. The MVRV-Z score indicator compares a coin’s market value with the relative value and then standardizes the result using the Z-score. A figure below 3 is…

---

Filed under: News - @ January 6, 2025 2:19 pm