Is Dogecoin’s 16 Percent Price Drop the First Step Toward a New All-Time High?
Dogecoin Sees Double-Digit Price Drop, Potential Bullish Breakout on the Horizon
Investors in Dogecoin [DOGE] had a rough time last week as the memecoin saw a double-digit drop. But there could be more to it than that.
In fact, recent data suggests that DOGE could be following a historical trend that previously saw DOGE reach new ATHs.
Is History Repeating Itself?
Data from CoinMarketCap showed that Dogecoin saw a 16% price correction last week. This bearish price trend continued in the last 24 hours as well, as the memecoin’s value fell by more than 3.5%. At the time of writing, the world’s largest cryptocurrency was trading at $0.1127.
A possible reason for this confidence among investors could be a trick that Dogecoin is cooking up.
But What Are The Chances?
AskFX then planned to check the memecoin’s on-chain data to see if the metrics support a possible bullish breakout. Santiment’s data analysis revealed that the DOGE MVRV ratio has decreased, which is a bearish sign.
