Amid market uncertainty, Dogecoin struggles to gain momentum, facing resistance at $0.18 and $0.21.
Current Price Momentum
As of now, Dogecoin 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, trading volumes dropped by 10%, indicating lower participation from traders and investors compared to the previous day.
Dogecoin Technical Analysis and Upcoming Levels
According to expert analysis, DOGE appears bearish as it is retesting the breakdown of an ascending trendline. 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. Currently, DOGE is trading below the 200-day Exponential Moving Average (EMA), indicating a strong bearish trend and weak price action.
Traders’ $25.60 Million Bullish Bet
Despite this, traders show a bullish view, strongly betting on the long side. According to analytics firm Coinglass, traders hold $25.60 million in long positions and $8.50 million in short positions over the past 24 hours. These strong long bets are more than double those on the short side, indicating bulls are firmly in control.
The persistent bearish trend and resistance at key levels create potential opportunities for a bull rally in Dogecoin if support and interest from traders continue.
