- Santiment insights suggest that DOGE’s price may fall soon.
- The report shows that there are two bearish metrics relating to DOGE.
- DOGE is trading at $0.139 after its price dropped 3.83% over the last 24 hours.
Insights shared by the blockchain intelligence firm Santiment on Twitter today attempt to determine when the price of Dogecoin (DOGE) will fall following its dramatic rise over the last couple of weeks. This rise in DOGE’s price was ignited by the news that Elon Musk’s Twitter acquisition had been completed.
DOGE is currently trading at $0.139 after its price rose 110.46% over the last seven days and dropped 3.83% over the last 24 hours. This is according to the crypto market tracking website, CoinMarketCap.
The medium-term price increase has also resulted in DOGE climbing two positions on CoinMarketCap’s list of the biggest cryptos by market cap. DOGE’s market cap now stands at $18,538,544,884 – ranking it at number 8 on the top 10 list.
According to the insights shared by Santiment, two bearish divergences present for DOGE suggest that its price may slip in the short-term. The first divergence is the fact that the first time DOGE traded at 15c, the number of active addresses was significantly higher than it is now.
The second divergence is the decreasing trading volume despite the price of DOGE continuing to rise. This is suggestive of the bullish move losing steam and potentially establishing a top.
In addition, the insights show that DOGE and related coins have finally lost their number 1 place on Santiment’s top5 list of social trends after it held the title for the last 4-5 weeks. This is often indicative of an incoming price decline, the report added.
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