Dogecoin (DOGE), the world’s largest meme coin, recorded a notable price surge of over 70% in October 2024 and has now reached a critical resistance level. Such a significant price surge in such a short period of time raises concerns about a price correction or consolidation, which could halt DOGE’s upward rally in the future.
Dogecoin (DOGE) Technical Analysis and Future Levels
According to expert technical analysis, DOGE appears bullish, but is currently at a strong resistance level around $0.18. Since March 2024, Meme Coin has reached this resistance level several times, but has also experienced selling pressure and price reversals.
This time the mood has changed and further upside is likely. However, this is only possible if DOGE breaches this resistance level and closes the daily candle above the $0.18 level.
According to the price action, if this happens, the meme coin is likely to surge 25% and reach the $0.22 level in the coming days. On the other hand, DOGE has experienced a notable uninterrupted rally over the next few days, so some price corrections are also likely.
DOGE’s Bullish On-Chain Indicators
DOGE’s optimistic outlook is further supported by on-chain indicators. According to on-chain analytics firm Coinglass, DOGE’s long/short ratio is currently at 1.09, indicating strong bullish sentiment across the market.
Additionally, open interest increased by 14.1%, indicating increased participation from traders and investors amidst an optimistic atmosphere.
The combination of bullish on-chain indicators and technical analysis suggests that bulls are currently ruling the asset and could support DOGE in an upward rally.
Currently, DOGE is trading near $0.174 and has experienced a price surge of over 10% in the last 24 hours. During the same period, trading volume increased by 29%, increasing interest from investors and traders.