Dogecoin’s Recent Price Surge

Dogecoin's Recent Price Surge

Dogecoin (DOGE) investors rejoiced as the meme token experienced a comfortable weekly rise. This recent price increase enabled the cryptocurrency to surpass a significant resistance level, potentially signaling the onset of a macro bull rally.

Dogecoin's Rising Trend

Dogecoin's price plummeted to $0.12 on May 1st, but swiftly regained upward momentum. This rising trend propelled the meme token's price by 15% over the past seven days. At the time of writing, its market capitalization exceeds $23 billion, with a price of $0.1635, as per the 21milyon.com website.

Intriguingly, despite the daily price gains, sentiment around DOGE remained bearish. Its social volume also declined after the surge on May 4th. However, renowned crypto analyst Rekt Capital recently tweeted, instilling hope that the meme token's price could climb further.

DOGE Price Analysis

Rekt Capital's tweet suggests that this development confirms a macro upward trend for DOGE, potentially leading to higher highs in the coming months. While a macro upward trend is underway, it may be premature to assert that DOGE will soon reach its previous all-time high.

Cryptocurrency analytics firm Santiment reports that the meme token's MVRV ratio has turned positive, indicating that more investors are profiting. This suggests increased transaction activity involving DOGE within a certain timeframe. Several technical indicators also paint a bullish picture. The MACD displays a clear upward trend, while the Relative Strength Index (RSI) has risen, indicating a high likelihood of continued price appreciation. However, the Money Flow Index (MFI) remains below neutral, hinting at a bearish undercurrent.

The post originally appeared on COINTURK NEWS: Dogecoin's Recent Price Surge