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DOGE price experienced a noticeable rise within the week, pleasing investors. Today, the price movement turned negative, but it was almost neutral due to the small percentage change. Despite the price change, the cryptocurrency continues to trade 82% below the 2021 peak of $0.73.
Will DOGE Price Drop?
Amidst the volatile price movements in the crypto world and Bitcoin‘s decline, market analyst YG Crypto presented a bearish scenario for Dogecoin. According to YG Crypto, Dogecoin is struggling to stay above the support level of $0.11200 to $0.11500.
If it falls below this level, the analyst suggests the bearish outlook could intensify, potentially triggering larger drops to $0.095. On the other hand, the analyst also considers the possibility of a market reversal and upward price movement. According to the analyst, if DOGE can rise above $0.16 and approach the upper boundaries of the current channel, it could trade between the resistance levels of $0.170 and $0.176.
Despite recent price movements in the market, Dogecoin’s price action continues within a descending channel, trading above the $0.12 support level.
YG Crypto continued with the following statement:
Do you think Elon Musk will soon boost Dogecoin?
DOGE Comments
Coinglass data revealed significant information. There was a 6% increase in open interest for Dogecoin, rising to $632 million. This was accompanied by a 33% increase in open interest volume, reaching $1.14 billion at the time of writing.
The increase in open position volume generally indicates market entries, which could lead to price increases if it happens. However, this increase could also trigger short selling, potentially leading to a price drop.
Meanwhile, there was also activity in Dogecoin’s whale transactions. Transactions worth $100,000 or more jumped from 800 to over 1,000.
As of the time of writing, DOGE’s latest status shows it is trading at $0.1225 after a 2% drop in the last 24 hours. The market cap is $17.7 billion, while the trading volume is around $675 million.
