Will Dogecoin Continue to Rise? What Does the Data Show?

Dog themed meme token Dogecoin (DOGE)Despite the bear market, investors were happy by gaining 35% in the last 10 days. Crypto investors are questioning whether Dogecoin will continue to rise.

In this article, we will take a look at the current positive and negative data on Dogecoin. First, we’ll examine data from crypto market tracker Santiment.

Santiment: Declining Interest in Dogecoin!

Although the DOGE price has been protecting itself somewhat lately, centiment social interest is declining. According to social metrics, although the interest is not on the negative side, the Weighted Sentiment metric remains negative.

According to Santiment analysts, the decline in social metrics makes Dogecoin less likely to rise significantly towards the end of the year.

In addition, the divergence in the number of active addresses per day for DOGE indicates a short-term selling pressure for the meme token.

Those Who Open Long Trades Lose

Futures market data shows that traders who open long trades on Dogecoin are at a loss.

Traders trading on the DOGE futures market have lost $2.2 million in the last 24 hours, according to Coinalyze data. The fact that $ 1.9 million of the losses came from those who opened long trades shows that those who traded in the short term lost.

Latest Situation in Dogecoin

While the crypto market left behind a quiet day, one of the altcoins that broke away from the market was Dogecoin.

Contrary to the calm course of other altcoins DOGElost 3% daily. The dog-themed meme token is trading at $0.0987 as of writing.

Resist while key support levels are at $0.0724. it comes out as 0.11.

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