🐶 Dogecoin Faces Price Correction

Like several other cryptocurrencies, Dogecoin (DOGE) experienced a price correction in the last 24 hours but managed to close last week above a crucial level.

📈 DOGE’s Recent Performance

DOGE saw a 9% price increase over the past week but turned bearish in the last 24 hours, currently trading at $0.1092 with a market cap of over $15.9 billion, making it the 8th largest cryptocurrency.

💡 On-Chain Data Insights

According to IntoTheBlock, over 4.7 million DOGE addresses are in profit, representing 73% of total addresses. However, a decline in the supply held by miners suggests they expect a price drop.

📉 Potential Targets for DOGE

Dogecoin's MVRV ratio has decreased, indicating a bearish trend, and its velocity has dropped, showing less usage in transactions. The MACD shows a bullish crossover, and the CMF indicates a slight uptick, suggesting the price could reach $0.13 this week.

📊 Bearish Signals Ahead

However, the RSI is moving towards neutral, implying bears might take over soon. If the price drops, DOGE could fall to $0.1 or $0.09. Hyblock Capital's data shows high liquidation levels at $0.11, which might cause further price corrections. DOGE needs to surpass this level to target $0.13.