The cryptocurrency market sentiment is currently mixed due to significant price fluctuations. However, amidst this uncertainty, Dogecoin (DOGE), the popular meme coin, has shown a bullish price action pattern and is set for a potential uptrend.
Dogecoin (DOGE) Technical Analysis and Future Levels
Expert technical analysis indicates that DOGE has formed a bullish inverted head and shoulders pattern on the four-hour chart, with a neckline around the $0.178 level.
Based on recent price movements and historical patterns, breaking above the $0.18 level could lead to an 18% surge towards the $0.212 level in the near future.
The $0.21 level serves as a key resistance level, reinforced by the 200 Exponential Moving Average (EMA) on the daily chart, suggesting a prevailing downtrend in the market.
Traders’ Bearish Sentiment
Despite positive price patterns, traders seem to hold a bearish outlook on DOGE, according to data from on-chain analytics firm Coinglass.
Current data shows over-leveraged positions around $0.168 and $0.1755 levels, with significant long and short positions indicating a bearish sentiment among intraday traders.
Current Price Movement
DOGE is currently priced around $0.173, with a 1.50% increase in the last 24 hours. However, trading volume has only risen by 16%, suggesting lower participation compared to previous trading days.
