## Dogecoin Price Analysis: Will a Correction Follow the $0.144 Resistance Level?
Dogecoin (DOGE) saw a significant surge in its price last week, with its value skyrocketing by double digits. This surge not only boosted its popularity but also raised questions about the sustainability of its bullish momentum.
### Understanding Dogecoin’s Recent Bull Run
According to data from CoinMarketCap, Dogecoin witnessed a strong push from bulls last week, resulting in a price surge of over 27% in the past seven days. This rally pushed more than 5 million DOGE addresses into profit, representing more than 80% of all DOGE addresses, as reported by IntoTheBlock.
Recent tweets by popular crypto analyst Emperor Osmo revealed that DOGE’s popularity surged, placing it at the top spot in terms of mindshare across memes. Santiment’s data also supported this trend, showing an increase in Dogecoin’s social volume and consistently positive Weighted Sentiment throughout the week.
### The Current Scenario
Despite its growing popularity, Dogecoin faced some challenges in maintaining its bullish momentum. The coin saw a slight price drop of over 1% in the past 24 hours, currently trading at $0.141 with a market cap exceeding $20 billion, making it the eighth-largest cryptocurrency in the market.
Analysis of DOGE’s MVRV ratio indicates bullish potential, but concerns arise from the behavior of Dogecoin miners who have been selling off their holdings. This selling pressure was reflected in the rejection of DOGE near the $0.14428 resistance level.
The Money Flow Index (MFI) for Dogecoin entered the overbought zone, suggesting a possible sell-off. However, the MACD signal remained bullish, hinting at a potential break above the resistance level in the days ahead.
In conclusion, while Dogecoin’s recent rally and popularity have been impressive, the coin’s ability to sustain its bullish momentum amidst selling pressure and technical indicators remains uncertain. Traders and investors should closely monitor the price action near the key resistance level to gauge the likelihood of a price correction in the near future.