Amid market uncertainty, Dogecoin (DOGE), a popular and the world’s largest crypto meme coin, appears to be struggling to gain momentum. Amid this, a prominent crypto expert shared a post on X (formerly Twitter), indicating that the meme coin is facing resistance at two key levels: $0.18 and $0.21.
Meanwhile, the expert further noted that if DOGE breaches these resistance levels, a massive bull rally could follow.
Current Price Momentum
As of now, the meme coin is trading near $0.17, having recorded a 2.75% price surge over the past 24 hours. However, during intraday trading, it reached a high of $0.175 but faced strong resistance, leading to a price reversal. Meanwhile, during the same period, the asset’s trading volume dropped by 10%, indicating lower participation from traders and investors compared to the previous day.
Dogecoin (DOGE) Technical Analysis and Upcoming Levels
According to expert technical analysis, DOGE appears bearish as it is retesting the breakdown of an ascending trendline. Based on recent price action, if DOGE declines and closes a four-hour candle below the $0.162 level, there is a strong possibility of a significant price drop in the coming days.
At present, DOGE is trading below the 200-day Exponential Moving Average (EMA) on the daily timeframe, indicating a strong bearish trend and weak price action, which may be contributing to lower participation.
Traders’ $25.60 Million Bullish Bet
However, traders appear to have a bullish view, as they are strongly betting on the long side, according to on-chain analytics firm Coinglass.
Data from spot inflow/outflow revealed that traders are currently over-leveraged at $0.164 on the lower side and $0.1745 on the upper side, holding $25.60 million in long positions and $8.50 million in short positions over the past 24 hours.
These strong bets on the long side are more than double those on the short side, indicating that bulls are firmly in control.
Credit: Source link