Will Dogecoin (DOGE) Hit $0.22? Insights from Market Sentiment

Dogecoin (DOGE), the world’s largest meme coin has gained a notable price surge of over 70% in October 2024 and has now reached a crucial resistance level. This significant price surge in such a short period raises concerns of a price correction or consolidation, which might pause DOGE’s upside rally in the coming days.

Dogecoin (DOGE) Technical Analysis and Upcoming Level

According to the expert technical analysis, DOGE appears bullish but is currently at a strong resistance level of $0.18 level. Since March 2024, the meme coin has reached this resistance level multiple times but has experienced selling pressure and price reversal. 

This time, the sentiment has shifted and there is a possibility of further upside rally. However, this will be only possible once DOGE breaches this resistance level and closes a daily candle above the $0.18 level. 

Based on price action, if this happens there is a strong possibility the meme coin could soar by 25% to reach the $0.22 level in the coming days. On the other hand, there is also a possibility of some price correction, as DOGE has experienced a notable upside rally without any pause which we may face in the coming days.

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DOGE’s Bullish On-Chain Metrics

DOGE’s bullish outlook is further supported by on-chain metrics. According to the on-chain analytics firm Coinglass, DOGE’s Long/Short ratio currently stands a 1.09, indicating strong bullish sentiment across the market.

Additionally, its open interest has jumped by 14.1%, indicating heightened participation from traders and investors amid bullish sentiment.

The combination of bullish on-chain metrics with technical analysis suggests that bulls are currently dominating the asset and may support DOGE in its upside rally.

As of now, DOGE is trading near $0.174 and has experienced a price surge of over 10% in the past 24 hours. During the same period, its trading volume increased by 29%, suggesting growing attention from investors and traders.