Dogecoin price is fairing well, as the asset gained 7% over the last few days before slightly retracing. The surge in price facilitated a breakout from a bullish pattern, and now DOGE is primed at 22%, but only if a key resistance level first breaks. Despite the bullish price action, there is an overall bearish sentiment by traders as DOGE saw huge exchange inflows yesterday. Are traders planning to crash the DOGE price, and will it survive the onslaught?
Dogecoin Price Defies Market Sentiment
The price of DOGE slightly dropped 1.2% over the last 24 hours to trade at $0.1039. This small drop is a large contrast from the bearish market sentiment building up against the meme coin.
Meanwhile, Elon Musk inadvertently brought attention to Dogecoin with his recent post about accepting a fictional Cabinet office offer abbreviated D.O.G.E. The tech mogul has also rehashed his cold war with UK justice minister Keir Starmer by calling the country a “police state”.
On Tuesday, there was a net exchange flow of $4.43 million, the largest since July 20, 2024. This signifies there may be a scheme to push the price of DOGE lower.
Data from Coinglass further shows that the open interest (OI) of DOGE increased while the price dropped over the last 24 hours. When this happens, it signals traders are entering Short positions, which is bearish for the price.
Further, the Coinglass Liquidation Map shows a larger cumulative Short Liquidation Leverage compared to Longs. The imbalance indicates that traders are bearish on the asset price as they anticipate the price will drop lower.
Despite negative market sentiment, Dogecoin price prediction show the asset is gearing up for a 22% jump in the coming days.
DOGE Technical Analysis: All Eyes on $0.1085
The Dogecoin price chart broke out of a falling wedge that had been forming from early August, indicating potential bullish momentum. The recent candlestick pattern shows a strong upward move out of the triangle, which is typically a bullish signal, especially after a period of consolidation within the triangle.
The price of Dogecoin may find resistance around $0.1059 as it aligns with the upper Bollinger Band. Beyond that, it could rise to $0.1274 (approximately a 22% increase).
The price has moved towards the upper band of the Bollinger Bands, indicating strong momentum. If it stays near or above this band, it could suggest continued bullish pressure. Additionally, the bands are currently contracting, which indicates a period of low volatility that usually precedes an explosive directional move.
The Coppock Curve is positive, currently at 3.02571, indicating upward momentum. This is a bullish signal as the curve is trending upwards from below.
If already holding, as the price remains above the $0.0995 support, DOGE remains a good long bet. The next major target beyond $0.1274 could be the $0.1500 level, depending on broader market conditions.
Dogecoin price prediction shows that if the asset returns inside the triangle, it could signal market weakness, causing it to drop lower to $0.0985 and $0.0800.
The post Dogecoin Price Analysis: Expect 17% Gains If DOGE Breaks This Level appeared first on CoinGape.
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