Dogecoin (DOGE) Struggles to Gain Momentum Despite Prominent Expert's Bullish Prediction

Amid market uncertainty, Dogecoin (DOGE), a popular and the world's largest crypto meme coin, appears to be struggling to gain momentum.

Amid market uncertainty, Dogecoin (DOGE), a popular and the world’s largest crypto meme coin, appears to be struggling to gain momentum.

As the Relative Strength Index (RSI) on the 4-hour chart edges into the overbought territory, indicating that the recent price rise may be pausing, and the Moving Average Convergence Divergence (MACD) shows signs of slowing down, suggesting a potential slowdown in the bullish momentum.

Amid this, a prominent crypto expert, who is known for sharing technical analysis insights on X, (formerly Twitter), shared a post highlighting that the meme coin is now facing resistance at two key levels: $0.18 and $0.21.

According to the expert, if DOGE manages to break through these resistance zones, then a massive bull rally could unfold, propelling the meme coin to new highs.

Further, the crypto expert pointed out that a breakdown of the support at $0.15 would open up the possibility of a deeper decline, with the next level of support lying at $0.12.

At the time of writing, the meme coin is currently trading at $0.17, registering a 2.75% price surge over the past 24 hours. However, during intraday trading, it reached a high of $0.175 but faced strong resistance, leading to a price reversal.

Meanwhile, during the same period, the asset’s trading volume dropped by 10%, indicating lower participation from traders and investors compared to the previous day.

Dogecoin (DOGE) Technical Analysis and Upcoming Levels

According to expert technical analysis, DOGE appears bearish as it is retesting the breakdown of an ascending trendline.

If DOGE manages to break and close a 4-hour candle below the $0.162 level, then there is a strong possibility of seeing a significant drop in the coming days.

Present, DOGE is trading below the 200-day Exponential Moving Average (EMA) on the daily timeframe, which is a key indicator of long-term trends.

This suggests that the bears still hold an advantage, and the price may continue to face downward pressure.

Traders’ $25.60 Million Bullish Bet

However, traders appear to have a bullish view, as they are strongly betting on the long side, according to on-chain analytics firm Coinglass.

The latest data from spot inflow/outflow revealed that traders are currently over-leveraged at $0.164 on the lower side and $0.1745 on the upper side, placing a huge amount of $25.60 million in long positions and $8.50 million in short positions over the past 24 hours.

These strong bets on the long side are more than triple those on the short side, indicating that the bulls are firmly in control.