Despite ongoing market uncertainty, Dogecoin (DOGE) is showing strong bullish momentum, positioning itself for a potential rally. The popular meme coin has surged 2% today, trading near $0.172, with a notable 45% increase in trading volume. This surge indicates growing investor interest and the possibility of further upside movement.
DOGE’s Technical Analysis and Key Resistance Levels
Technical analysis suggests that DOGE has formed an ascending triangle pattern on the four-hour chart, with a critical neckline at $0.178. This pattern historically signals a potential breakout, and if the meme coin breaches the $0.18 resistance level with a confirmed four-hour candle close, it could rally by 15%, reaching $0.205 in the coming days.
However, failure to sustain this breakout may result in a pullback to the $0.165 support level, where traders might look for fresh accumulation opportunities.
Traders Betting Big on DOGE’s Upside
On-chain data from Coinglass highlights that traders are overwhelmingly bullish on DOGE, as leveraged positions continue to build. The $0.168 level has accumulated $16.20 million worth of long positions, while $0.175 holds $5.30 million in short positions. The high concentration of leveraged longs suggests that market participants anticipate a breakout above resistance levels, further reinforcing bullish sentiment.
Market Sentiment Bolsters DOGE’s Potential Surge
The broader cryptocurrency market is also experiencing a bullish wave, with major assets such as Bitcoin (BTC), Ethereum (ETH), and XRP posting significant gains. This positive sentiment is likely to spill over into meme coins like DOGE, further fueling its upside momentum.
With strong technical indicators and growing investor confidence, Dogecoin appears poised for a potential breakout. If the market remains favorable, DOGE could reclaim the $0.20 zone, reinforcing its standing as the leading meme coin. Traders and investors will be closely watching the $0.178-$0.18 resistance range for confirmation of the next major move.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
