Dogecoin Mendaki Tinggi, Ada Potensi Kenaikan Harga Lagi?

Dogecoin's Resurgence: A Deep Dive into Its Recent Performance and Market Sentiment

Dogecoin (DOGE), the world's largest memecoin, has demonstrated remarkable resilience by surging to a 34-day high, fueled by a significant double-digit price increase over the past week. This impressive performance has piqued curiosity among investors and traders, raising questions about its potential for further price appreciation in the near term.

Dogecoin's Recent Performance

As reported by AMB Crypto, data from CoinMarketCap reveals that Dogecoin's price has rallied over 14% in the past seven days, with a 4% surge in the last 24 hours alone. At the time of writing, DOGE trades at $0.1369, with a market capitalization of over $19.88 billion, making it the eighth-largest crypto by market cap.

This bullish momentum has not only boosted DOGE's price but has also positively impacted its social metrics. Social volume, an indicator of the coin's popularity on social media platforms, has witnessed a noticeable increase. Furthermore, positive sentiment around Dogecoin has also escalated, reflecting growing bullishness within the crypto community.

Key Metrics and Market Sentiment

Beyond its price surge, data from IntoTheBlock suggests that nearly 50 million Dogecoin addresses, representing 77% of total holders, are currently in profit. This high percentage of addresses in profit underscores DOGE's strong performance in recent weeks.

Despite these positive indicators, there are some concerns within the Dogecoin ecosystem. On-chain metrics indicate that DOGE miners may be losing confidence, as evidenced by miner netflow data suggesting potential selling pressure.

Additionally, Dogecoin's derivatives metrics present a mixed picture. Data from Coinglass shows a sharp decline in DOGE's long/short ratio, indicating an increase in short positions relative to long positions. This trend suggests that bearish sentiment may be developing, potentially leading to increased volatility.

Current market sentiment for Dogecoin is reflected in the Fear & Greed Index, which stands at 73%, placing the market in a state of greed. Historically, such levels have often preceded price corrections, as markets may be getting ahead of themselves.

Technical Analysis

A closer examination of DOGE's daily chart offers further insights. The Chaikin Money Flow (CMF), a technical indicator that measures an asset's accumulation and distribution, has declined after the recent price spike. Additionally, the Money Flow Index (MFI), which measures the inflow and outflow of money into an asset, has entered overbought territory. These indicators suggest that selling pressure may be building, which could potentially lead to a price pullback.