Coin World News reported that if the closing price of DOGE exceeds $0.15, it may surge by 17% to reach $0.175. The decline in open interest contracts and a bullish-to-bearish ratio below 1 indicates weak bearish sentiment among traders.
As the world’s largest meme coin, Dogecoin continues to attract significant attention from cryptocurrency enthusiasts following its impressive performance and recent rebound. However, it is currently consolidating within a narrow range, which appears to be a price adjustment.
During this consolidation, a whale took the opportunity to make a notable transaction with DOGE. On October 22, 2024, according to blockchain transaction tracker Whale Alert, the whale transferred 155 million DOGE tokens worth $21.65 million from Robinhood crypto exchange to an unknown wallet. It seems that the whale may have withdrawn these significant tokens from Robinhood due to bullish price behavior and positive market sentiment.
In terms of technical analysis and key levels, according to AMBCrypto, DOGE appears to be bullish as it recently broke and closed above the strong resistance level of $0.138 on the daily chart. This significant breakthrough occurred during its 40% rebound period, but the price is consolidating within a narrow range. This consolidation is a positive signal for DOGE holders as it indicates an accumulation phase before the next upward rebound.
Based on recent price movements and historical momentum, if DOGE breaks and closes above the consolidation zone at the $0.15 level on the daily candle, it is highly likely to surge by 17% to reach $0.175 in the coming days. However, this bullish view will only hold if DOGE breaks and closes above the consolidation zone on the daily candle.
Despite the optimistic outlook, DOGE’s on-chain indicators currently show weak interest in bullish positions among traders. According to data from on-chain analysis company Coinglass, DOGE’s bullish-to-bearish ratio is 0.89, indicating bearish sentiment among traders. Additionally, its open interest contracts have declined by 3.5%, suggesting that traders have either liquidated their positions or exited their positions due to the pullback. The decline in open interest contracts and a bullish-to-bearish ratio below 1 indicate weak bearish sentiment among traders.
As for its current market value in terms of BTC, at the time of writing, DOGE’s trading price is close to $0.144. In the past 24 hours, the price of the meme coin has dropped by over 1.8%. Meanwhile, its trading volume has decreased by 2.6%, indicating a slight decrease in trader participation.
