Will Dogecoin Collapse or Rise?

In the context of an unstable market, Dogecoin, a popular and the largest meme coin in the world, seems to be struggling to gain momentum. In this context, a renowned cryptocurrency expert shared a post on X (formerly Twitter), pointing out that this meme coin is facing resistance at two key levels: $0.18 and $0.21. Meanwhile, this expert also noted that if DOGE breaks through these resistance levels, a strong bullish rally could occur. Current Price Momentum As of now, the meme coin is trading at nearly $0.17, having recorded a price increase of 2.75% in the past 24 hours. However, during intraday trading, it reached a high of $0.175 but encountered strong resistance, leading to a price reversal. Meanwhile, during the same period, the trading volume of the asset decreased by 10%, indicating lower participation from traders and investors compared to the previous day. Technical Analysis of Dogecoin and Upcoming Levels According to the technical analysis of experts, DOGE appears to be bearish as it is testing the breakout of the uptrend line. Based on recent price action, if DOGE decreases and closes a four-hour candle below $0.162, there is a possibility that the price will decline significantly in the coming days. Currently, DOGE is trading below the 200-day Exponential Moving Average (EMA) on the daily timeframe, indicating a strong downtrend and weak price volatility, which may contribute to a decrease in participation levels.

Bet Increase of $25.60 Million by Traders However, traders seem to have an optimistic outlook as they are strongly betting on the buying trend, according to blockchain analytics firm Coinglass. Data from the spot cash inflow/outflow shows that traders are currently over-leveraged at $0.164 on the downside and $0.1745 on the upside, holding $25.60 million in long positions and $8.50 million in short positions over the past 24 hours.

Large bets on this length are twice as high as those on the short length, indicating that the buyers have complete control.