{"id":411724,"date":"2024-08-04T04:30:59","date_gmt":"2024-08-03T23:00:59","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=411724"},"modified":"2024-08-03T18:03:06","modified_gmt":"2024-08-03T12:33:06","slug":"is-dogecoins-16-price-drop-the-first-step-to-a-new-ath","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/is-dogecoins-16-price-drop-the-first-step-to-a-new-ath\/","title":{"rendered":"Is Dogecoin&#8217;s 16% price drop the first step to a new ATH?"},"content":{"rendered":"<ul>\n<li><em><span style=\"font-weight: 400;\">Dogecoin registered a double-digit price decline last week<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">If a bullish breakout happens, then DOGE might first reclaim $0.13 on the charts<\/span><\/em><\/li>\n<\/ul>\n<p><a href=\"https:\/\/ambcrypto.com\/category\/dogecoin-news\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Dogecoin [DOGE]<\/span><\/a><span style=\"font-weight: 400;\"> investors were having a hard time last week as the memecoin recorded a double-digit decline. However, there may be more to the story here. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">In fact, latest data suggests that DOGE may following a historical trend, one which previously resulted in DOGE hitting new ATHs.\u00a0<\/span><\/p>\n<h2>Is history repeating itself?<\/h2>\n<p><span style=\"font-weight: 400;\">CoinMarketCap\u2019s <\/span><a href=\"https:\/\/coinmarketcap.com\/currencies\/dogecoin\/\"><span style=\"font-weight: 400;\">data<\/span><\/a><span style=\"font-weight: 400;\"> revealed that Dogecoin saw a 16% price correction last week. This bearish price trend continued in the last 24 hours too, as the memecoin&#8217;s value fell by more than 3.5%. At the time of writing, the world\u2019s largest cryptocurrency was trading at $0.1127 with a market capitalization of over $16.8 billion, making it the 8th largest crypto. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Its social volume remained high, reflecting its popularity. However, it was surprising to note that despite the said price drop, the memecoin\u2019s weighted sentiment improved &#8211; A sign that bullish sentiment around the memecoin has been rising.\u00a0<\/span><\/p>\n<figure id=\"attachment_411725\" aria-describedby=\"caption-attachment-411725\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Dogecoin-DOGE-16.19.09-03-Aug-2024.png\"><img decoding=\"async\" class=\"wp-image-411725 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Dogecoin-DOGE-16.19.09-03-Aug-2024.png\" alt=\"Dogecoin's weighted sentiment improved\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Dogecoin-DOGE-16.19.09-03-Aug-2024.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Dogecoin-DOGE-16.19.09-03-Aug-2024-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Dogecoin-DOGE-16.19.09-03-Aug-2024-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Dogecoin-DOGE-16.19.09-03-Aug-2024-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Dogecoin-DOGE-16.19.09-03-Aug-2024-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Dogecoin-DOGE-16.19.09-03-Aug-2024-2048x693.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Dogecoin-DOGE-16.19.09-03-Aug-2024-1200x406.png 1200w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-411725\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">A possible reason behind this confidence in investors might be because of a trick Dogecoin has up its sleeves. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Kevin, a popular crypto analyst, recently shared a tweet highlighting a pattern that the world\u2019s largest memecoin may be following. Notably, a similar pattern emerged on its chart twice before, both of which resulted in DOGE touching new ATHs in 2018 and 2021. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">At the time of writing, DOGE was consolidating on the charts. And, in the event of a breakout, investors might see history repeating itself.\u00a0<\/span><\/p>\n<figure id=\"attachment_411726\" aria-describedby=\"caption-attachment-411726\" style=\"width: 2170px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-03-at-4.49.16\u202fPM.png\"><img decoding=\"async\" class=\"wp-image-411726 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-03-at-4.49.16\u202fPM.png\" alt=\"\" width=\"2170\" height=\"1286\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-03-at-4.49.16\u202fPM.png 2170w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-03-at-4.49.16\u202fPM-300x178.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-03-at-4.49.16\u202fPM-1024x607.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-03-at-4.49.16\u202fPM-768x455.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-03-at-4.49.16\u202fPM-1536x910.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-03-at-4.49.16\u202fPM-2048x1214.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-03-at-4.49.16\u202fPM-1200x711.png 1200w\" sizes=\"(max-width: 2170px) 100vw, 2170px\" \/><\/a><figcaption id=\"caption-attachment-411726\" class=\"wp-caption-text\">Source: X<\/figcaption><\/figure>\n<h2>What are the odds though?<\/h2>\n<p><span style=\"font-weight: 400;\">AMBCrypto then planned to check the memecoin\u2019s on-chain data to see whether metrics supported the possibility of a bullish breakout. Our analysis of Santiment\u2019s data revealed that DOGE\u2019s MVRV ratio dropped, which was a bearish signal. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Nonetheless, its network activity remained high, as was evidenced by its stable daily active addresses. Its velocity also spiked, meaning that DOGE was used more often in transactions within a set timeframe.\u00a0<\/span><\/p>\n<figure id=\"attachment_411727\" aria-describedby=\"caption-attachment-411727\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Dogecoin-DOGE-16.53.41-03-Aug-2024.png\"><img decoding=\"async\" class=\"wp-image-411727 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Dogecoin-DOGE-16.53.41-03-Aug-2024.png\" alt=\"Dogecoin's MVRV ratio dipped\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Dogecoin-DOGE-16.53.41-03-Aug-2024.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Dogecoin-DOGE-16.53.41-03-Aug-2024-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Dogecoin-DOGE-16.53.41-03-Aug-2024-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Dogecoin-DOGE-16.53.41-03-Aug-2024-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Dogecoin-DOGE-16.53.41-03-Aug-2024-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Dogecoin-DOGE-16.53.41-03-Aug-2024-2048x693.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Dogecoin-DOGE-16.53.41-03-Aug-2024-1200x406.png 1200w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-411727\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">At press time, DOGE\u2019s <\/span><a href=\"https:\/\/cfgi.io\/doge-fear-greed-index\/1d\"><span style=\"font-weight: 400;\">fear and greed index<\/span><\/a><span style=\"font-weight: 400;\"> had a reading of 32%, meaning that the market was in a \u201cfear\u201d phase. This suggested that there were chances of a bullish breakout soon. However, the <\/span><a href=\"https:\/\/www.coinglass.com\/LongShortRatio\"><span style=\"font-weight: 400;\">long\/short ratio<\/span><\/a><span style=\"font-weight: 400;\"> was bearish as it registered a sharp downtick.\u00a0<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Is your portfolio green? Check out the <\/span><a href=\"https:\/\/ambcrypto.com\/calculator\/profit\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">DOGE Profit Calculator<\/span><\/a><span style=\"font-weight: 400;\">\u00a0\u00a0<\/span><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">Finally, we checked Dogecoin\u2019s liquidation heatmap to see its possible targets if a bull rally is initiated. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">We found that DOGE\u2019s liquidations would rise sharply near $0.137. Therefore, in the event of a bull rally, DOGE might first reclaim that level. However, if the bears continue to dominate, then DOGE might drop to $0.09.\u00a0<\/span><\/p>\n<figure id=\"attachment_411732\" aria-describedby=\"caption-attachment-411732\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-03-at-5.07.05\u202fPM-1.png\"><img decoding=\"async\" class=\"wp-image-411732 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-03-at-5.07.05\u202fPM-1.png\" alt=\"\" width=\"2560\" height=\"1461\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-03-at-5.07.05\u202fPM-1.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-03-at-5.07.05\u202fPM-1-300x171.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-03-at-5.07.05\u202fPM-1-1024x585.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-03-at-5.07.05\u202fPM-1-768x438.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-03-at-5.07.05\u202fPM-1-1536x877.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-03-at-5.07.05\u202fPM-1-2048x1169.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-03-at-5.07.05\u202fPM-1-1200x685.png 1200w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-411732\" class=\"wp-caption-text\">Source: Hyblock Capital<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>History might rescue DOGE investors from their recent struggles. <\/p>\n","protected":false},"author":75,"featured_media":411733,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[6387,5824,66,3,4,20],"tags":[6427,6428],"class_list":["post-411724","post","type-post","status-publish","format-standard","has-post-thumbnail","category-dogecoin-news","category-memecoins","category-new-news","category-news","category-social","category-trading-view","tag-ambcrypto","tag-new-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Is Dogecoin&#039;s 16% price drop the first step to a new ATH? - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Dogecoin [DOGE] investors were having a hard time last week as the memecoin recorded a double-digit decline. 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