Dogecoin Signals Possible Bullish Reversal Ahead
Key Takeaways
Dogecoin (DOGE) is showing early signs of a potential trend reversal. Despite a weekly loss of 4.24%, buying interest is returning. Trading volume is increasing, and long positions are dominating the futures market. Spot market data also indicates growing accumulation. If demand continues, DOGE could soon break out of its sideways movement.
Current Price Development of Dogecoin
Dogecoin is currently trading at USD 0.1726 – a decline of 4.24% over the past seven days. Since reaching a high of USD 0.43 three months ago, the price has been moving within a downward channel. However, there has been a slight short-term recovery: within one day, the price rose from USD 0.16 to USD 0.17466.
Rising Trading Activity Suggests Trend Reversal
Trading volume has increased by 23.29% over the past 24 hours. Options volume also rose by 34%. This development indicates that more market participants are becoming active again. Notably, buyers acquired 748.7 million DOGE in a single day, while sellers offloaded 730 million DOGE. This results in a net buying volume of 14 million DOGE – a clear sign of increasing buying pressure.
Futures and Spot Market: Buyers in Control
In the futures market, long positions account for 69.7%, while short positions make up only 30.3%. This shows that many traders are betting on rising prices. A similar picture emerges in the spot market: net inflows to exchanges have been negative for three consecutive days. This means more DOGE is being withdrawn from exchanges than deposited – a typical sign of investor accumulation.
Declining Supply Increases Price Pressure
The so-called stock-to-flow ratio of Dogecoin has risen to 79 – a weekly high. This metric describes the relationship between the existing supply and annual production. A higher value indicates increasing scarcity. If demand rises or remains steady at the same time, this can lead to a price increase.
What Does This Mean for You?
Market sentiment surrounding Dogecoin appears to be shifting. Many investors are using the current weakness to accumulate DOGE. If this trend continues, the price could soon reclaim the USD 0.187 mark. A breakout from the current sideways movement would be a strong signal for further price gains. However, if demand fails to materialize, a decline to USD 0.165 is possible.
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Our Assessment
Dogecoin is currently showing signs of stabilization, despite the broader downward trend. The increasing activity in both the spot and futures markets, along with growing scarcity, suggests a potential recovery. As an investor, it’s worth keeping a close eye on developments. A sustained price increase will largely depend on continued buying interest. Technically, an upward breakout is possible – but not guaranteed.
| Symbol | DOGE |
| Coin type | Alt Coin |
| Transaction Speed | Medium |
| Pros |
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| Cons |
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| Further practical applications | |
| Price | $0.17 |
| 24h % | -1.95 % |
| 7d % | -5.45 % |
| 30d % | 2.14 % |
| 60d % | -15.21 % |
| 1y % | 4.45 % |
| Market Cap | $25,315,077,217.00 |
| Official Links | Website | Source Code |
| Socials | Reddit | X |
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