Amid Market Uncertainty, Dogecoin (DOGE) Struggles 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, a prominent crypto expert, Mohsin Jamil, shared a post on X (formerly Twitter), appears to be struggling to gain momentum.

As the world’s largest crypto meme coin, Dogecoin (DOGE) is facing resistance at two key levels: $0.18 and $0.21, Jamil said in a recent post.

If the meme coin manages to break through these resistance levels, a massive bull rally could follow, the expert added.

According to the latest data from Benzinga price tracking, the meme coin is currently changing hands at $0.17, showing a 2.75% price increase in the last 24 hours.

During the day’s trading session, the meme coin reached a high of $0.175 as it faced strong resistance at the $0.18 level, leading to a price reversal.

During the same period, the asset’s trading volume dropped by 10%, showing less participation from traders and investors compared to the previous day.

Dogecoin (DOGE) Technical Analysis and Upcoming Levels

The crypto expert highlighted that, technically, DOGE is bearish as it is retesting the breakdown of an ascending trendline.

Jamil further explained that if the meme coin drops 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.

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

Jamil concluded his analysis by saying that if DO manages to close a daily candle above the 200-day EMA, it could signal a bullish trend reversal.

Traders’ $25.60 Million Bullish Bet

While the price action might be bearish, 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, 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, which might indicate that bulls are firmly in control.