Is Dogecoin (DOGE) Turning Bullish? Key Data Suggests…

Dogecoin’s RSI was still above the neutral line at the time of going to press.
DOGE’s price has increased by over 3% in the past 24 hours.

Dogecoin (DOGE) closed the previous trading session with a loss. However, recent data pointed to a trend reversal, signaling a potential market shift.

Despite this positive shift in prices, trading volume has not yet increased to a level that would typically confirm this reversal as a strong and sustained move.

Dogecoin Recovers

On July 29, Dogecoin experienced a drop of over 4%, coinciding with a 1% drop in Bitcoin (BTC). Despite this, Dogecoin minimized its losses and closed the day at around $0.130, reflecting only a 1% drop.

According to AMBCrypto’s analysis, DOGE has since recovered from that dip and was trading at around $0.134 at the time of writing, up over 3%.

Source: TradingView

This recent price increase has helped sustain Dogecoin’s bullish trend. The Relative Strength Index (RSI), at 60 at the time of writing, is a key indicator supporting this outlook.

An RSI level of 60 suggests that the asset has strong bullish momentum, but DOGE is not overbought yet. This could attract more buying interest if the uptrend continues.

Dogecoin volume shows a negative trend

According to the latest data from CoinMarketCap, Dogecoin’s trading volume was over $850 million, which is a respectable amount for the memecoin.

However, this represented a significant drop of over 30% in the last 24 hours, indicating a lack of convergence between price and volume trends.

For a bullish price trend to be considered strong and sustainable, it must be supported by increasing or consistently high trading volumes. The current scenario might suggest that market activity may not be strongly supportive of price appreciation.

DOGE in profit increases

According to data from Santiment, the percentage of Dogecoin in profit dropped to around 73% on July 28. This translated to around 106 billion DOGE in profit at that time.

However, since then there has been a slight recovery. According to the latest data, DOGE’s percentage in profit has increased to over 74%, which amounts to over 107 billion tokens.

Source: Santiment

Is Your Portfolio Green? Check Out the DOGE Profit Calculator

“In profit” represents the amount of circulating Dogecoin that was purchased at a price lower than the current market price. If these holdings are sold, they will yield a profit.

The recent increase is influenced by the overall increase in Dogecoin price.