The price of Dogecoin (DOGE) has excited meme lovers in the past seven days, as the copycat has achieved a 42% increase. But with the rise, there is a possibility of a correction, and in 2024, the DOGE sell signal reached the strongest.

As Dogecoin prices rose on the chart, it left a huge rebound to make up for the losses investors witnessed in mid-March. 42%, concealing a 26% plunge, bringing DOGE closer to $0. [] 20.

This injects confidence into DOGE holders, who seem very bullish on the token. This is also demonstrated by open interest contracts, which refers to the total number of open interest derivatives contracts. With shanzhai coins consisting mainly of long positions, the price of these open positions has surged 66% to $600 million, suggesting a possible price increase.

Second, technical indicators also paint a bullish picture. The relative strength Index (RSI), which measures the rate and change of price change, is in the bullish neutral zone. In addition, the trend-tracking momentum indicator moving average convergence divergence (MACD) also indicates a bullish crossover.

These indicators suggest a further rise in dogecoin prices.

DOGE price forecast: sell signal down

Overall, the price of Dogecoin seems to indicate that the price could go up. If DOGE continues along that path and manages to shift resistance at $0. [] 182 to support, it will be able to rise to $0. [] 20, a two-year high.

However, the average daily price address (DAA) divergence is signa sell. This indicator compares the change in asset prices with the number of new addresses interacting with them. This indicates a potential difference between price changes and user adoption or network activity.

In the past, every time the indicator triggered a sell signal. Given that this is the first time this year and a fairly significant one, DOGE could make significant adjustments. Meme, the token could fall below $0. [] 164 to $0. [] 151, which would void the bullish argument and cause a 26% drop to $0. [] 135.