Dogecoin price prediction – Look out for these short-term targets!

Dogecoin Price Drops, but Signs of Reversal Emerge

Dogecoin (DOGE) investors have faced significant challenges recently, with the memecoin experiencing multiple price corrections. Over the past week, DOGE's value has plummeted by over 7%, and in the last 24 hours, it has fallen by more than 4%. At present, DOGE trades at $0.1363 with a market capitalization exceeding $19.7 billion.

Due to the downturn, only 77% of DOGE investors remain in profit, according to IntoTheBlock's data. However, crypto analyst KNIGHT $INJ TO 100$ suggests that DOGE is still in its accumulation phase, potentially signaling a period of slow price movement.

Volatility May Increase Soon

Despite the analyst's prediction of slow-moving days, AMBCrypto's analysis of Santiment's data reveals potential bullish activity. DOGE's funding rate has decreased, which typically indicates an impending rise in prices. Additionally, open interest has also declined, possibly indicating the conclusion of the current downtrend.

Dogecoin's MVRV ratio showed a slight improvement on June 15th, suggesting a possible trend reversal. The growing weighted sentiment on the market further supports this optimism, with bullish sentiments outweighing bearish ones.

Technical Indicators Point to Price Hike

Several market indicators provide further positive signs. DOGE's Chaikin Money Flow (CMF) and Relative Strength Index (RSI) have both recorded upticks, hinting at a potential price increase soon. On the other hand, the Money Flow Index (MFI) remains bearish.

Potential Targets

If DOGE turns bullish, it may initially target $0.147 due to potential liquidations. A breakout above this level could lead to $0.15. However, if the downtrend persists, DOGE may drop to its support level of $0.131.

Conclusion

While Dogecoin's price has experienced a decline, signs of a trend reversal are emerging. Market indicators and analyst sentiment suggest potential bullish activity in the near future. However, investors should remain cautious and monitor the situation closely.