Dogecoin Price Analysis: Expect 17% Gains If DOGE Breaks This Level

Dogecoin Price Shows Bullish Momentum, Despite Bearish Sentiment

The price of Dogecoin (DOGE) has surged 7% over the past few days before experiencing a slight retracement. This price increase led to a breakout from a bullish pattern, potentially setting the stage for a 22% gain. However, traders remain cautious due to recent indicators of bearish sentiment.

Bearish Indicators Despite Bullish Price Action

Despite the positive price action, traders are showing concerns as DOGE witnessed significant exchange inflows on Tuesday, amounting to $4.43 million, the highest since July 20, 2024. This suggests a potential plan to drive down the price of DOGE.

Additionally, data from Coinglass reveals an increase in the open interest (OI) of DOGE while the price declined over the past 24 hours. This typically signifies traders entering short positions, which is a bearish indicator.

Technical Analysis Points to Positive Outlook

Despite the negative sentiment, Dogecoin's technical analysis indicates a potential for a 22% gain. The price chart broke out of a falling wedge that had been forming since early August, signaling bullish momentum.

The Bollinger Bands show strong momentum, with the price moving towards the upper band. This indicates continued bullish pressure. The Coppock Curve is also positive, trending upwards, which is a bullish signal.

Key Levels to Watch

The Dogecoin price may face resistance at $0.1059, which aligns with the upper Bollinger Band. If the price breaks above this level, it could rise to $0.1274 (approximately a 22% increase).

If the asset falls below $0.0995, it could retrace to $0.0985 and $0.0800.