Dogecoin Short Term Price Targets – Rise to $0.13 or Drop to $0.09?

• Market sentiment around Dogecoin has turned bullish, despite the price decline.
• If the bulls fail to take control, DOGE could drop to $0.09.

As with most cryptocurrencies, Dogecoin [DOGE] Bears have been dominant lately, with its weekly chart in the red at the time of writing. However, the world’s largest meme coin is also trading at a crucial level. This could lead to a trend reversal on the price charts soon.

Dogecoin critical support level

Dogecoin has dropped more than 3% in value in the past week. This has been the case over the past 24 hours as well, with DOGE trading at $0.1012 at the time of writing with a market cap of over $14.7 billion.

According to IntoTheBlock data, there were over 4.4 million DOGE addresses making profits at the time of publishing this report, representing over 70% of all DOGE investors.

On the contrary, while the price of memecoin has fallen, its weighted sentiment has risen significantly.

This indicated a rise in bullish sentiment around memecoin. Its trading volume on social media also increased, reflecting its popularity in the crypto space.

The reason behind this surge could be that Dogecoin was testing the crucial support level at $0.10. If memecoin manages to stay above this level, investors could soon see a price surge.

A rise could allow DOGE to reclaim $0.13 this coming week. However, a drop below the support could push DOGE down to $0.094.

Is DOGE Turning Bullish This Week?

Finally, AMBCrypto’s analysis of Hyblock Capital data revealed a bullish indicator. According to our analysis, DOGE’s whale-to-hash delta rose from 0 on August 16 to over 43 on August 17.

A value closer to 100 indicates that whales have longer exposure to the market. This can be interpreted as a positive sign.

Source: Hyblock Capital

We then examined the Santiment data to see if the metrics were pointing to a successful test of the $0.10 support level. We found that Dogecoin’s trading volume remained stable last week.

The NVT ratio also registered a sharp increase, indicating that Memecoin is overvalued. Another bearish metric was the MVRV ratio, which remained low.

Source: Santiment

Reads Dogecoin price prediction 2024-2025

As AMBCrypto previously reported, if DOGE fails to test the support, its price could drop to $0.09.

The heat map also revealed a similar possibility. However, in case of an upward breakout, DOGE could touch the $0.15 level soon before a price correction is observed.

Source: Hyblock Capital