Dogecoin (DOGE), the world’s largest meme coin, has seen a remarkable price increase of over 70% in October 2024 and has now reached a crucial resistance level. This significant price increase in such a short period raises concerns about a price correction or consolidation, which could interrupt DOGE’s upward rally in the coming days.
Dogecoin (DOGE) Technical Analysis and Upcoming Level
According to the expert technical analysis, DOGE seems bullish but is currently at a strong resistance level at $0.18. Since March 2024, the meme coin has reached this resistance level several times but has faced selling pressure and price reversal.
This time the sentiment has changed and there is an opportunity for a further upward rally. However, this will only be possible once DOGE breaks this resistance level and closes a daily candle above the $0.18 level.
Based on price action, if this happens, there is a high chance that the meme coin could rise by 25% to reach the $0.22 level in the coming days. On the other hand, there is also a possibility of some price correction as DOGE has witnessed a remarkable upward rally without any pause that we may see in the coming days.
DOGE’s bullish on-chain metrics
DOGE’s bullish outlook is further supported by on-chain metrics. According to on-chain analytics firm Coinglass, DOGE’s Long/Short ratio currently stands at 1.09, indicating strong bullish sentiment across the market.
Additionally, open interest rose 14.1%, indicating greater trader and investor participation amid bullish sentiment.
The combination of bullish statistics in the chain Technical analysis shows that bulls are currently dominating the asset and could support DOGE in its upward rally.
As of now, DOGE is trading near $0.174 and has experienced a price increase of over 10% in the last 24 hours. During the same period, trading volume increased by 29%, indicating growing attention from investors and traders.
