- Dogecoin price has increased by over 12% in the past seven days.
- Most market indicators and metrics were bullish on the meme coin.
Like most cryptocurrencies, Dogecoin [DOGE] The comfortable bull market continued, but things could get even better as meme coins seem to be mimicking patterns they followed in previous cycles.
Dogecoin may repeat history
according to CoinMarketCapDOGE bulls were spurred on by the meme coin’s price surging by over 12% last week. DOGE price has risen by over 4% in the past 24 hours, and the bull market shows no signs of stopping.
At the time of writing, DOGE is trading at $0.1724 and has a market cap of over $29.4 billion.
Meanwhile, popular cryptocurrency trader and analyst Mags said: Tweet It highlights an interesting development.
According to analysts, Dogecoin’s accumulation phase is over, which is a precursor to a major bull market. In fact, a potential bull market could see Dogecoin’s price increase by seven times.
It is worth noting that this is not the first time DOGE has acted in this way, as Maggs’ tweet noted that DOGE’s last cycle in 2021 also saw a similar trend.
Meanwhile, the end of DOGE’s accumulation phase triggered a bull market, with DOGE’s price increasing 170x.
Do the indicators support a bull market?
AMBCrypto then analyzed Dogecoin’s on-chain data to see if it signaled a continuation of the price rise.
According to our analysis, whale activity around DOGE remained high throughout the past week as the number of DOGE whale trades increased. The MVRV ratio increased, suggesting more investors took profits.
Its velocity also continues to increase, meaning DOGE is being used more frequently in transactions within set time frames.
After a sharp drop, Dogecoin’s weighted sentiment has improved, suggesting an uptick in bullish sentiment.
Source: Santiment
However, DOGE may experience a price correction in the near future. Fear and Greed Index The value is 64%, meaning the market is in the “greedy” stage.
When the indicators reach that level, it signals that the bears may step in and push the asset price down. Nevertheless, market indicators remained bullish for the meme coin.
Whether it’s realistic or not, DOGE market capitalization (BTC equivalent)
For example, Chaikin Money Flow has gained upward momentum and surpassed the neutral level.
Moreover, the Money Flow Index (MFI) is also well above the neutral level, suggesting further price gains in the coming days.
Source: TradingView
