Harga Dogecoin Melejit 70 Persen! Apakah Akan Terus Naik Lebih Tinggi?

Dogecoin Price Surge: Key Resistance Level Reached

Dogecoin (DOGE) experienced a significant surge of over 70% in October 2024, reaching a crucial resistance level. However, this sharp increase raises concerns about a potential price correction or consolidation.

Dogecoin Faces Resistance at $0.18

Dogecoin currently sits at a key resistance level in the $0.18 range, which has repeatedly acted as a price ceiling since March 2024. Each time DOGE has approached this level, selling pressure has emerged, leading to a price reversal.

However, market sentiment appears different this time, with potential for further upside if Dogecoin can break through the resistance and close a daily candlestick above $0.18.

Based on price action analysis, if DOGE manages to surpass this resistance, there is a strong possibility of a 25% price jump to $0.22 within the upcoming days.

Nevertheless, a price correction remains a possibility, given that Dogecoin has experienced a rapid ascent without a significant pause, which could trigger a short-term pullback.

On-Chain Metrics Reinforce Bullish Outlook

In addition to support from technical analysis, the bullish outlook for Dogecoin is reinforced by on-chain metrics.

Data from analytical firm Coinglass reveals that Dogecoin's Long/Short ratio currently stands at 1.09, indicating strong bullish sentiment in the market. This ratio reflects the dominance of long positions, depicting an optimistic view that the price will continue to increase.

Moreover, Dogecoin's open interest (OI) has surged by 14.1%. This increase suggests heightened participation from traders and investors who are drawn to the bullish prospects of the memecoin.

The combination of positive technical analysis and supportive on-chain metrics suggests that Dogecoin's current bullish momentum is robust.

DOGE Trading Activity Heats Up, Will the Rally Continue?

At the time of writing, Dogecoin is trading around $0.1743, exhibiting an over 7% price spike in the past 24 hours. During the same period, Dogecoin's trading volume has also increased by 20%, indicating growing interest from investors and traders.

This escalating trading activity signals that the market remains attentive to Dogecoin's price action.

However, it's crucial to remember that the crypto market is highly volatile, and substantial price swings can occur within short time frames.

Therefore, while the bullish prospects for Dogecoin appear promising, investors should remain cautious of the potential risk of a price correction, particularly after the sharp ascent seen in recent days.

With bullish sentiment pervading the market and strong support from on-chain metrics, Dogecoin has the potential to extend its rally.

However, its performance at the $0.18 resistance level will be a key determinant of whether DOGE can continue its upward trajectory or experience a short-term consolidation before resuming the uptrend.