The cryptocurrency market is experiencing significant price fluctuations. Amid this, Dogecoin has formed a bullish price pattern signaling potential growth ahead.
Dogecoin Technical Analysis
According to expert technical analysis, DOGE has formed a bullish inverted head and shoulders pattern on a four-hour time frame with a neckline at the $0.178 level. If the coin breaches this neckline and closes above the $0.18 level, it could potentially rise by 18% to reach $0.212 in the coming days.
Traders Bearish Outlook
Despite the bullish pattern, DOGE traders have a bearish outlook as revealed by data from on-chain analysis firm Coinglass. Traders are over-leveraged at $0.168 and $0.1755 levels, with $12.70 million in long positions at $0.168 and $19 million in short positions at $0.1755.
Current Price Momentum
DOGE is currently trading near $0.173 and has seen 1.50% upward momentum in the past 24 hours. However, trading volume has increased by 16%, indicating lower participation from traders compared to the previous day.
Dogecoin's current situation remains unclear despite the bullish technical pattern. Traders' sentiment, position data, and the overall market create a conflicting picture.
