Dogecoin Alami Trend Bullish, Faces Resistance Challenges

Dogecoin has a bullish trend, facing resistance challenges (Photo; Doc. Dogehome)

JAKARTA - Dogecoin (DOGE), one of the most popular meme coins in the crypto world, is currently experiencing a bullish trend that attracts investors' attention. However, although this trend looks promising, DOGE prices still face a number of challenges that need to be overcome, especially at the Fibonacci resistance level which is a barrier to further increases.

At the time of writing, the price of Dogecoin was in the range of 0.108 US Dollars (Rp1,641), recording a decline of about 1.77% in the short term. However, in general DOGE is still in a bullish trend. Technically, Dogecoin is currently trading below two important indicators, namely moving average (MA) 50-day at the level of 0.1023 US Dollars (Rp1,554) and MA 200-day at 0.1371 US Dollars (Rp2,083), which indicates that its long-term trend still tends to bearish.

According to Ambcrypto information, Fibonacci retracement, one of the technical analysis tools frequently used to predict price movements, shows that prices are currently around the 0% level of retracement at 0.11087 US Dollars (Rp1,684). This level is the main resistance that Dogecoin must penetrate to continue the rise.

If DOGE manages to pass that level, the next target is at the level of retracement of 23.6% at 0.11796 US Dollars (Rp1,792). However, if the selling pressure increases, important support is at 0.09230 US Dollars (Rp1,402) and 0.08084 US Dollars (Rp1,228). 100%).

One of the main challenges faced by Dogecoin today is the low volume of trading. Based on CoinMarketCap data, Dogecoin's current market cap reaches around 15.7 billion US Dollars (Rp238 trillion). Over the past seven days, DOGE has only recorded a price increase of more than 2%, a relatively low number compared to other meme coins.

The trading volume of Dogecoin is currently recorded at around 506 million US Dollars (Rp7.6 trillion), but trading activity in the last 24 hours has experienced a significant decline. This decrease in volume could also be due to the general pattern of trading at the weekend, where activities usually tend to be lower.

To be able to penetrate the next level of resistance, Dogecoin requires a significant increase in trading volume. Without this push, DOGE price movements will most likely remain in the consolidation phase.