The post Dogecoin’s latest ‘hike’ – Identifying the odds of a real price rally next appeared on BitcoinEthereumNews.com.

A surge on the social front might help DOGE’s price action Ownership stats underlined growth on some fronts too Dogecoin kicked off Q1 2024 with a solid run, but it has since given up almost all of its year-to-date gains. This, despite this year proving to be in favor of the memecoin segment. In fact, the latest data indicates that social sentiment is starting to rally behind the king of the memecoins. Social activity around Dogecoin has been rising, according to LunarCrush. The analysis puts its social metrics right up there with major coins such as Bitcoin, Ethereum and Solana. This means that DOGE proponents might be trying to drum up support around the memecoin. The uptick in Dogecoin’s social metrics is timely, especially considering the cryptocurrency’s discounted levels from its YTD highs. For example – Its $0.097 press time price was at a 57.25% discount from its 2024 peak. Also, it has been restricted within a wedge pattern, with the same now approaching a pattern break zone too. Source: TradingView The confluence between price level and surging social sentiment suggests that Dogecoin might benefit from liquidity inflows. However, this does not necessarily guarantee a rally. In fact, the price may still extend its downside in case of further confidence erosion. Assessing Dogecoin’s bullish confidence and holdings On-chain assessment revealed a significant number of short positions within the current price range. There were over 2 million shorts in the last 24 hours as price slid from a weekly resistance near the $0.099-level. Source: Hybock Capital Despite the presence of shorts, however, net long positions were higher at the same level. The number of net longs peaked at $4.16 million at the same $0.099 level. This confirmed that the recent price lows have been attracting more bullish confidence. Nevertheless, the presence…

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Filed under: News - @ September 7, 2024 12:17 am