P.BCHAIN - Post Discussion
Post by
cryptoalerts on May 16, 2024 5:56am
Will $DOGE Price Rally Come To An End?
Dogecoin managed to surge beyond $0.15 and even neared the $0.16 milestone. At the time of writing, the Doge coin price soared 6.10% to $0.1556 on Thursday, May 16. Furthermore, the largest meme crypto’s market valuation spiked to $22.46 billion. Moreover, DOGE’s 24-hour trading volume shot up by 18.33% to $1.96 billion.
In addition, the Dogecoin futures open interest climbed 11.83% to $884.94 billion, indicating renewed interest among derivatives traders. However, short sellers dominated liquidations with $2.51 million. While the short squeeze could send DOGE’s value higher, the dump would be even more significant when shorts take charge.
Analyzing the technical indicators, Dogecoin’s price dynamics are at a critical juncture. The 50-day Exponential Moving Average (EMA), currently around $0.1652, is acting as a resistance level. A breakout above this level could signal the onset of a bullish market. Moreover, it could potentially drive the DOGE price higher to the next resistance points at $0.18 and $0.20.
On the other hand, the 100-day EMA, positioned at $0.1434, is providing a level of support, indicating a cushion against significant declines. The 200-day EMA, at $0.1237, serves as a major long-term support level. If the increased activity from whales results in substantial selling pressure, Dogecoin might face a bearish scenario, testing these support levels. #Analytics
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