Dogecoin (DOGE): Rejoicing Investors Should Beware of These Musk-Induced Damages

Dogecoin (DOGE) eventually conquered $0.1 following a five-month struggle. The impressive upside came after Elon Musk finalized the Twitter acquisition deal. Dogecoin has seen uptrends since the billionaire’s ‘let that sink in’ tweet.

Furthermore, the original meme coin appeared prepared on October 25. Nevertheless, the $32.95% surge between October 29 and 28 that saw DOGE toppling $0.1131 by October 29 could trigger more attention. So, will DOGE stay in the bullish territory for some more days?

Sustained Moves

The latest time Dogecoin explored the value area of $0.1 was on May 11. Meanwhile, it turns out to be this uptick wasn’t a usual meme pump & dump. Quantify Crypto stated that DOGE maintained massive bullishness at 88.6%.

Also, the technical analysis site noted that the meme coin dominated cryptocurrency minds. Nevertheless, interest saw a slight decrease. Even the technical data shows it might be too hasty to suggest that Dogecoin would continue to generate profits.

Thus, market players should consider DOGE’s price movements. The daily chart showed the DMI (Directional Movement Index) agreed with data from Quantify Crypto. While publishing this blog, the DMI remained focused on uptrends at 56.26.

The ADX (Average Directional Index) mimicked the same narrative. The ADX of 27.22 indicated the buyer effect, meaning the optimistic DMI had an enormous directional movement. For DOGE sellers, there wasn’t reliable support as the DMI fell awkwardly towards 4.67.

This trend implied that Dogecoin remained in a massively bullish trap and could climb past its notable surge. Meanwhile, the MACD showed impressive buyer action as seller strength stayed beneath buyers. DOGE seemed ready for stretched upsides as the 12-26 Exponential Moving Average stayed beyond the histogram’s mid-level.

On-Chain Front

On-chain data shows DOGE somewhat stayed focused on its profit-provision goal. The MVRV Ration confirmed that. Santiment data shows the Market Value-Realized Value ratio was at a remarkable 46.30%. The information indicated that the ratio maintained a non-stop surge since escaping -3.10% on October 24.

That suggested that Dogecoin investors made nearly double their investments if they purchased the bottom before the rallies. Considering the increasing MVRV and extended whale involvement, Dogecoin could stretch its bullishness.