Like most cryptos, the world’s largest memecoin, Dogecoin [DOGE], was also facing trouble over the last few weeks.
, was facing trouble over the last few weeks. Though the memecoin’s price charts remained red, DOGE might change the trend in the coming days.The memecoin has been witnessing multiple price corrections since last week. Things in the last 24 hours were worse as DOGE’s price declined by more than 3%.at $0.1207 with a market capitalization of over $17.49 billion. However, despite the recent price drops, investors’ confidence in DOGE remained high.
AMBCrypto’s look at IntoTheBlock’s data revealed that there were more than 4.22 million DOGE addresses that were holding the memecoin for over a year, reflecting investors’ trust in the memecoin.Whenever such a pattern appears on a chart, it indicates that the chances of a bullish breakout are high. If a bullish breakout happens, then investors might witness DOGE reclaiming its March highs in the coming weeks or months.
The memecoin’s Chaikin Money Flow also registered an uptick, further suggesting that the bulls might soon lift the memecoin’s price.To expect DOGE to touch its March highs within days after a bullish breakout is ambitious. Therefore, we then analyzed Hyblock Capital’s data to look for possible targets in the short term.
As per our analysis, if a bullish breakout happens, then DOGE might first touch $0.1289, as liquidation would rise sharply at that level. A hike in liquidation often results in short-term price corrections. A breakout above that would allow DOGE to reach $0.135., the world’s second-largest memecoin, also suffered a similar fate. CoinMarketCap’s data revealed that SHIB’s value dipped by more than 8% in the last seven days.Dipayan is a full-time journalist at AMBCrypto. He has 2 years of experience in the content creation industry.
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