- Santiment tweeted positive data relating to Dogecoin yesterday evening.
- DOGE’s price climbed 8.41% over the last 24 hours.
- At the time of writing, DOGE is trading at $0.06517.
The latest data published by Santiment should make Dogecoin (DOGE) holders excited about the future prospects of the popular meme token’s price. According to a tweet made by the blockchain analytics firm yesterday evening, DOGE whales transactions and funding rates have spiked. These two metrics are great predictors of a change in direction of DOGE’s price.
Funding rates and whale transactions for DOGE spike (Source: Santiment)
In addition, the data shows that DOGE whale transactions have spiked and funding rates for the meme token have gone “ultra long” as the token’s price reached its local top. The increase in whale activity is considered to be mainly profit-taking activity, according to Santiment.
DOGE is currently ranked as the tenth biggest cryptocurrency by market cap according to CoinMarketCap, with an estimated market cap of $8,646,642,025. Furthermore, the price of DOGE is standing at $0.06505 after climbing an impressive 7.13% over the last 24 hours. This has added to the positive weekly performance of the meme token as well.
Daily chart for DOGE/USDT (Source: CoinMarketCap)
Indicators that are suggestive of a bullish trend reversal are the 9 and 20 Exponential Moving Average (EMA) lines as the shorter 9 EMA line is positioned above the longer 20 EMA line.
The price of DOGE also broke above the second deviation up of the Bollinger Bands indicator on its daily chart, but was then met with sell volume that is still trying to push the meme token’s price down. Nevertheless, the price of DOGE is still trading above the 9 and 20 EMA lines.
If the price of DOGE closes below the second deviation up of the Bollinger Bands, then the sentiment for DOGE could turn bearish for a brief period before a leg up.
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