Dogecoin Bullish Sentiment Rising Despite Recent Dip, Critical Support Level at $0.10
The post Dogecoin Bullish Sentiment Rising Despite Recent Dip, Critical Support Level at $0.10 appeared on BitcoinEthereumNews.com.
Market sentiment around Dogecoin is experiencing a bullish trend, even with its recent price drop. The potential for a trend reversal exists, hinging on whether Dogecoin can sustain above critical support levels. Notably, more than 70% of Dogecoin holders are currently in profit, indicating strong investor confidence. Explore the shifting market sentiment around Dogecoin, its critical price levels, and what investors can expect next in this detailed analysis. Dogecoin’s Critical Support Level Analysis In the past week, Dogecoin’s value depreciated by over 3%, reflecting similar declines over a 24-hour period. At the time of writing, the cryptocurrency is valued at $0.1012, with a market cap exceeding $14.7 billion. According to data from IntoTheBlock, more than 4.4 million Dogecoin addresses are currently profitable, representing over 70% of investors. Sentiment Metrics and Social Volume Interestingly, while Dogecoin’s price fell, its weighted sentiment increased considerably, indicating a rise in bullish sentiment. Additionally, the memecoin’s social volume surged, underscoring its continuing popularity within the cryptocurrency community. This could be due to Dogecoin testing its critical support level at $0.10. If Dogecoin remains above this level, it could potentially spark a bull rally, enabling it to reclaim the $0.13 mark in the upcoming week. Conversely, a drop below this support could see its value fall to $0.094. Potential Bullish Turn This Week Our analysis of Hyblock Capital data uncovered a bullish indicator. Specifically, the whale vs retail delta for Dogecoin increased from 0 on August 16 to over 43 on August 17. A higher value suggests significant whale involvement, which can be viewed as a positive market signal. We explored Santiment’s metrics to determine the likelihood of Dogecoin holding firm at $0.10. The trading volume remained stable, while the NVT ratio experienced a sharp rise, indicating overvaluation. Another bearish indicator noted was the low MVRV…
Filed under: News - @ August 18, 2024 2:06 am