‘DOGE Day’ and Bitcoin halving optimism lead Dogecoin prices to…
  • Despite the bullish signals, CVD indicated that DOGE price may not reach $0.20 anytime soon.
  • Traders are confident that this coin will bring profits in the long run.

Dogecoin’s [DOGE] The price rose 6.21% in the past 24 hours after previously falling to $0.14. However, analyst Ali Martinez posted that this could be just the beginning of an uptrend that could last for four days.

According to Martinez, the Tom DeMark (TD) Sequential on the daily chart showed a buy signal. TD Sequential is a technical used to identify trend exhaustion and potential reversals.

According to a chart shared by analysts, sellers became exhausted after DOGE reached $0.14. Therefore, ascension was considered to be the next step.

Analysts predicting DOGE buy signals

Source: X

DOGE Day brought good news.

Apart from the technical point of view, AMBCrypto cited “DOGE Day” on April 20th as another reason for the sharp rise in the coin’s price.

Previously, we reported how Dogecoin could experience price increases by that date.

Interestingly, the day that the project’s community planned to celebrate seems to have instead become a “rumor-buying” event.

But will the effect of “selling news” emerge after that? According to Coinalyze data, cumulative volume delta (CVD) has fallen into negative territory.

This trend suggests that sellers are likely to pay the coin’s current market price in response to bids. If this situation continues, DOGE may not be able to exceed $0.20 in the short term.

DOGE is showing bearish signs

Source: CoinAnalyze

On the other hand, if CVD increases, buyers may trade offers while sellers may refrain from participating. In this case, the coin’s value is likely to continue rising for the rest of this week.

Additionally, AMBCrypto considered price prediction from an on-chain angle. One of the first metrics we looked at was volume.

prices may fall

At the time of writing, Dogecoin’s price has increased slightly within the same period of time it has increased. However, it appeared that the increase in volume might not be enough to support a breakout.

Therefore, DOGE price may stall at some point before the end of the new week. However, if trading volume increases significantly along with price, the bullish theory could be invalidated.

Additionally, Dogecoin’s total funding surged to 0.01%. Aggressive funding means that traders with long positions are paying fees to short traders to maintain their positions.

Data showing how bullish DOGE traders are on the coin

Source: Santiment

This indicates bullish sentiment. However, depending on the funding rate, Insight Consider possible price fluctuations.

In the case of DOGE, the high positive funding associated with rising prices suggests that longs on PERP are aggressive.

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Interestingly, these traders are paid for their positions. In the short term, this is bullish for DOGE. However, if funding declines, the bullish predictions could be invalidated.

But for now, DOGE seems poised to rise above $0.16.

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