Dogecoin (DOGE) recently dealt with the shaky cryptocurrency market by going up by 3.9% after selling at $0.1253. For buyers who have been going through a long time of decline, this rise is a sign of optimism.
The coin is still a long way from its all-time high of $0.73 in 2021, though. That’s an 82% drop.Analyst YG Crypto has pointed out that Dogecoin is in a very dangerous position right now, saying that it is hanging on a key support zone between $0.11200 and $0.11500.
If this level is broken, the price could fall even more, possibly to $0.095, which would make traders even more negative.
Dogecoin’s Potential For Improvement
Dogecoin could get better, though, according to YG Crypto. If the price stays above $0.16, it might be possible to break through dynamic resistance and reach higher goals of $0.170-$0.176.
Even though the price of Dogecoin has recently gone up, the long-term outlook is still unclear because of continuing bearish pressures in its trading channel. Analysts warn that if key support levels aren’t held, the price of DOGE could keep going down, which would make it even less valuable in the near future.
People who own Dogecoin and people who want to invest are wondering if major names like Elon Musk might step in to help DOGE’s reputation in the near future.
Dogecoin’s open interest has grown by 6%, reaching $632 million, and its open interest value has grown by 33%, reaching $1.14 billion. This information comes from Coinglass. Traders are more interested, and these numbers suggest that they may be getting ready for significant shifts in the market.
Also, there have been a lot more “whale” deals for Dogecoin. Few days ago, there were less than 800 deals worth more than $100,000. Now, there are over 1000. The market might be about to go up or down if big deals are made by rich people or businesses. It depends on whether the deals are bullish accumulations or bearish exits.
