Price: $0.40157 3.3597%
Market Cap: 58.99B 1.7892%
Volume (24h): 12.31B 0.4%
Dominance: 1.7892%
Price: $0.40157 3.3597%
Market Cap: 58.99B 1.7892%
Volume (24h): 12.31B 0.4%
Dominance: 1.7892% 1.7892%
  • Price: $0.40157 3.3597%
  • Market Cap: 58.99B 1.7892%
  • Volume (24h): 12.31B 0.4%
  • Dominance: 1.7892% 1.7892%
  • Price: $0.40157 3.3597%
Home > Information news > Why Dogecoin [DOGE] cannot rise beyond THIS level right now

Why Dogecoin [DOGE] cannot rise beyond THIS level right now

Release: 2024/05/26 21:37 Reading: 588

Original author:AMBCrypto

Original source:https://ambcrypto.com/?p=394870

Why Dogecoin [DOGE] cannot rise beyond THIS level right now

Dogecoin has a bullish market structure, once again. The lack of trading volume might dent the bullish sentiment.

Dogecoin [DOGE] was in an uptrend over the past month after breaching the $0.165 resistance and forming a series of higher lows. However, a recent AMBCrypto report noted that the Weighted Sentiment behind the meme token was negative. Despite the performance over the past three weeks, the public did not appear to be on board with DOGE’s bullish targets.

Technical analysis showed that this weak social sentiment had other effects on the token in the market. The lack of hype was visible on the volume indicators

[Source: DOGE/USDT on TradingView]

The volume saw a slight uptick in the past week after Monday the 20th of May’s strong price performance. However, this volume increase was very little compared to the late February rally, or even the gains or late March. The OBV, alongside the price, formed a series of higher lows in May. However, due to the small trading volume this month compared to previous months, it was unable to break above the significant lower highs it formed in April.

The RSI on the daily chart showed a reading of 58 and reflected strong momentum. The price was knocking at the doors of the 50% Fibonacci retracement level at $0.175 and should be able to climb above it soon. The liquidations were few

[Source: Coinalyze]

The Open Interest soared from $800 million to $931 million in the past 24 hours as DOGE gained close to 8.5% in value. This was evidence of strong bullish sentiment from speculators and suggested that they expected more gains. The liquidations were also minimal in the past 24 hours. The volatility on the 24th saw a large amount of long positions liquidated.

Realistic or not, here’s DOGE’s market cap in BTC’s terms

The relative lack of short liquidations as prices climbed higher indicated that market participants were not keen on going short. The spot CVD also slowly climbed higher over the past two days. If the metrics can maintain their trend, Dogecoin would likely reclaim the $0.175 level as support.

Take a Survey: Chance to Win $500 USDT

Next: TRUMP memecoin soars 20% as Donald Trump publicly embraces crypto

Share
Share Tweet

Selected Topics

  • Dogecoin whale activity
    Dogecoin whale activity
    Get the latest insights into Dogecoin whale activities with our comprehensive analysis. Discover trends, patterns, and the impact of these whales on the Dogecoin market. Stay informed with our expert analysis and stay ahead in your cryptocurrency journey.
  • Dogecoin Mining
    Dogecoin Mining
    Dogecoin mining is the process of adding new blocks of transactions to the Dogecoin blockchain. Miners are rewarded with new Dogecoin for their work. This topic provides articles related to Dogecoin mining, including how to mine Dogecoin, the best mining hardware and software, and the profitability of Dogecoin mining.
  • Spacex Starship Launch
    Spacex Starship Launch
    This topic provides articles related to SpaceX Starship launches, including launch dates, mission details, and launch status. Stay up to date on the latest SpaceX Starship launches with this informative and comprehensive resource.
  • King of Memes: Dogecoin
    King of Memes: Dogecoin
    This topic provides articles related to the most popular memes, including "The King of Memes: Dogecoin." Memecoin has become a dominant player in the crypto space. These digital assets are popular for a variety of reasons. They drive the most innovative aspects of blockchain.