- Dogecoin neared key resistance at $0.115, signaling a potential bullish breakout.
- Bullish liquidation trends and strong Open Interest indicate rising trader confidence.
Dogecoin [DOGE] has been gaining attention with large transactions, suggesting growing interest from institutional players and whales. At press time, DOGE was trading at $0.1091, showing a 0.56% drop.
However, this price action raised an important question: is DOGE preparing for a breakout, or will it remain within its current range? Several factors provide insight into where Dogecoin might be headed next.
Can DOGE hold strong?
Dogecoin’s price was fluctuating between crucial support at $0.108 and resistance at $0.115. Therefore, breaking through these levels could set the tone for the next move.
If DOGE breaks above $0.115, a bullish trend could follow, driving more upward momentum.
However, if the price fails to hold support, it could test the $0.100 level. Consequently, the next few days will be critical in determining whether Dogecoin can break free from this range.
Dogecoin social dominance: Is the hype real?
Social dominance for Dogecoin was 1.09% at press time, reflecting its strong presence in the crypto community. This engagement is essential for memecoins, as social buzz often drives market activity.
Therefore, rising social dominance could spark renewed buying interest.
However, if social media conversations decrease, it could dampen enthusiasm and slow down any potential rally. Consequently, maintaining or increasing social presence is crucial for Dogecoin’s price action.