Despite Market Uncertainty, Dogecoin (DOGE) 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.

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

Amid this, a prominent crypto expert, shared a post on X (formerly Twitter), indicating that the meme coin is facing resistance at two key levels: $0.18 and $0.21.

However, if the coin manages to break through these levels, a massive bull rally could follow.

“#Dogecoin is struggling to break through the dumps at $0.18 and $0.21. If it does, we could see a huge move up. A break below $0.165 would put the dumps back in play.”

As of now, the meme coin is trading down 0.23% at $0.169, where it dropped slightly after recording a 2.75% price surge in 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 declines and closes a four-hour candle below the $0.162 level, there is a strong possibility of a significant price drop in the coming days.

At present, DOGE is trading below the 200-day Exponential Moving Average (EMA) on the daily timeframe, indicating a strong bearish trend and weak price action, which may be contributing to lower participation.

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.

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, holding $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 double those on the short side, indicating that bulls are firmly in control.