Disclaimer: The information presented does not constitute financial, investment, trading or other types of advice and is the opinion of the author only
- DOGE has drawn an upward channel.
- Funding rate was positive as monthly equity holders saw gains.
Dogecoin [DOGE] He’s been getting a double boost in recent days and is showing no signs of slowing at press time. Elon Musk’s Twitter payment ecosystem plan, with potential cryptocurrency integration, has also increased its social reach, sending it skyrocketing.
is reading Dogecoin [DOGE] predict the price 2023-24
In addition, BTC rose in January and shortly after the FOMC announcement on February 1st, it consolidated its bullish trend. At the time of publication, the meme coin is trading at $0.09507 and may target a value of $0.1 in the next few hours.
Can the value of $0.1 be achieved?
Source: DOGE / USDT on TradingView
DOGE price action has created an ascending channel pattern over the past few days, depicting the meme coin’s bullish momentum over the same period.
How much is 1,10,100 dog worth today?
A Fibonacci retracement tool was placed at the last week’s high and low price point to assess potential support and resistance levels. The DOGE bulls called the price recovery after finding strong support at the 26-period moving average and the 61.8% Fibonacci level at $0.09398.
In the next few hours, DOGE bulls may target the upper boundary of the ascending channel – $0.1 area. However, they need to clear the hurdles of the 76.8% Fibonacci level at $0.09655 and the bearish demand block at $0.09885.
A drop below the 26-period EMA at $0.09372 will invalidate the bullish bias above. The downtrend might settle at 50% or 38.2% Fibonacci support levels.
DOGE’s funding ratio was positive and the monthly earnings for equity holders were positive
Source: feeling
According to data from Santiment, the price of DOGE funding on the Binance exchange has been positive since the end of last month. It indicates that the demand for the meme coin in the derivatives market increased during the same period, which is behind the bullish sentiment.
At the time of publication, DOGE Weighted Sentiment is positive, further strengthening the bullish sentiment. The trend may increase its upward momentum.
Therefore, the rally has seen equity holders, especially monthly equity holders, post massive gains over the past 7 days as evidenced by the 30-day positive market value to real value (MVRV). However, the weekly data bearers saw huge swings in the results.