Will Dogecoin (DOGE) Reach $0.22? Insights from market sentiment

Dogecoin (DOGE), the world’s largest meme coin, has seen a exceptional value enhance of over 70% in October 2024 and has now reached an important resistance degree. This vital value enhance in such a brief interval raises issues a couple of value correction or consolidation, which may interrupt DOGE’s upward rally within the coming days.

Dogecoin (DOGE) Technical Evaluation and Upcoming Stage

In keeping with the knowledgeable technical evaluation, DOGE appears bullish however is at the moment at a robust resistance degree at $0.18. Since March 2024, the meme coin has reached this resistance degree a number of instances however has confronted promoting strain and value reversal.

This time the sentiment has modified and there is a chance for an extra upward rally. Nonetheless, this can solely be doable as soon as DOGE breaks this resistance degree and closes a day by day candle above the $0.18 degree.

Primarily based on value motion, if this occurs, there’s a excessive probability that the meme coin may rise by 25% to achieve the $0.22 degree within the coming days. However, there’s additionally a risk of some value correction as DOGE has witnessed a exceptional upward rally with none pause that we could face within the coming days.

DOGE’s bullish on-chain metrics

DOGE’s bullish outlook is additional supported by on-chain metrics. In keeping with on-chain analytics agency Coinglass, DOGE’s Lengthy/Quick ratio at the moment stands at 1.09, indicating robust bullish sentiment throughout the market.

Moreover, open curiosity rose 14.1%, indicating larger dealer and investor participation amid bullish sentiment.

The mix of bullish statistics in the chain Technical evaluation reveals that bulls are at the moment dominating the asset and will assist DOGE in its upward rally.

As of now, DOGE is buying and selling close to $0.174 and has skilled a value enhance of over 10% within the final 24 hours. Throughout the identical interval, buying and selling quantity elevated by 29%, indicating rising consideration from traders and merchants.