If DOGE closes the daily candlestick above the $0.15 level, DOGE could rise by 17% and reach the $0.175 level. The decline in DOGE’s open interest and long/short ratio below 1 indicates weak bearish sentiment among traders.
Dogecoin (DOGE), the world’s largest meme coin by market capitalization, continues to garner significant attention from cryptocurrency enthusiasts following its impressive performance and recent rally.
However, prices are currently consolidating within a narrow range, and this appears to be a price adjustment.
Whales add 155 million DOGE
In the midst of this consolidation, a whale seized the opportunity with DOGE and made a notable deal.
On October 22, 2024, blockchain transaction tracking firm Whale Alert reported on Posted.
Source: X
It appears that whales may have pulled these important tokens from Robinhood, possibly due to bullish price trends and positive market sentiment.
Dogecoin technical analysis and main levels
According to AMBCrypto technical analysis, DOGE looked bullish as it recently broke out and closed the daily candlestick above the strong resistance level at $0.138.
Source: TradingView
This notable breakout occurred during a 40% rally, but the price was consolidating within a narrow range.
This consolidation was a positive sign for DOGE holders, as it signaled an accumulation phase for the next bull run.
Based on recent price action and historical momentum, if DOGE breaks out and closes the daily candlestick above the $0.15 level holding zone, it will surge 17% in the next few days to the $0.175 level. is likely to be reached.
However, this bullish theory only holds true if DOGE breaks out and closes the daily candlestick above the consolidating zone.
DOGE on-chain metrics
Despite this bullish outlook, DOGE’s on-chain indicators currently indicate low trader interest on the long side. According to on-chain analytics firm Coinglass, DOGE’s long/short ratio is 0.89, indicating bearish sentiment among traders.
Source: Coinglass
Additionally, its open interest has declined by 3.5%, suggesting that traders have liquidated their holdings or exited positions due to the correction.
The combination of falling open interest and long/short ratio below 1 indicates weak bearish sentiment among traders.
Realistic or not, the DOGE market cap in BTC terms is as follows:
At the time of writing, DOGE was trading around $0.144. Memecoin experienced a price decline of over 1.8% in the past 24 hours.
Trading volumes for the same period decreased by 2.6%, indicating a slight decline in trader participation.
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