Key Insights:
- Dogecoin prediction suggests that the DOGE price is at risk as it appears to be retesting the breakout level.
- Despite ongoing price correction, traders have strongly bet on the bullish side.
- 70% of top traders on Binance hold long positions, indicating a potential upside rally.
Dogecoin prediction indicates a crucial retest of key levels. The price challenges the descending trendline and $0.165 horizontal support, which could shape its next move.
Market participants see this as a buying opportunity amid the ongoing price correction. On-chain metrics also recorded a surge in bullish bets.
At press time, DOGE was trading near $0.1710, having recorded a price decline of over 7.5% in the past 24 hours. During the same period, its trading volume dropped by 15%. This indicated reduced participation from traders and investors compared to the previous day.
The ongoing market correction has led to a noticeable drop in volume. Dogecoin prediction suggests that this decline has fueled investors’ fears of a potential price crash.
Dogecoin Prediction: Key Levels & Market Outlook
Expert technical analysis indicates that Dogecoin is approaching a breakout retest. Predictions suggest the meme coin could soon challenge key resistance levels, shaping its next move.
On April 21, 2025, DOGE broke out from a prolonged descending trendline that had acted as resistance. Since then, the meme coin has recorded a 15% upside rally. However, it is now experiencing a potential retest before a possible price surge in the coming days.
Based on the daily chart, $0.163 is a strong support level for the meme coin. Dogecoin prediction remains bullish as long as the coin holds above this support. If this holds, DOGE could see an upside rally of over 20%, potentially reaching the $0.206 level soon.
Dogecoin prediction could turn bearish if the meme coin fails to hold the key support level at $0.163. If sentiment shifts and DOGE falls below this level, the price could decline to $0.145 in the coming days.
At press time, DOGE was trading below the 200 Exponential Moving Average (EMA) in the daily timeframe. This indicated that the meme coin is in a downtrend with weak momentum.
Investors and traders commonly use this indicator to determine an asset’s trend and make informed decisions. Meanwhile, DOGE’s Relative Strength Index (RSI) stood at 55.
It indicated that the asset is neither in an oversold nor overbought zone, although it reflects bullish strength. This indicator further revealed that the asset has enough room to continue its upward momentum in the coming days.
Bullish On-Chain Metrics
Despite the volatile price action, Dogecoin prediction indicates that traders remain bullish. Investors are heavily betting on the long side and continue accumulating the token, reinforcing confidence in its potential upside.
Spot inflow/outflow data revealed that exchanges have recorded a continuous outflow of the meme coin. Over the past 48 hours alone, exchanges have witnessed a significant outflow of $34.73 million worth of DOGE.
This substantial outflow indicates potential asset accumulation, which can create buying pressure and fuel a further upside rally. DOGE Exchange Liquidation Map shows traders were over-leveraged at $0.168, marking a key support level.
On the upper side, heavy leverage appeared at $0.1768, creating a strong resistance zone. Traders have accumulated $16.64 million in long positions at these over-leveraged levels.
This signaled strong bullish sentiment. Meanwhile, $9.33 million in short positions suggested cautious selling pressure near resistance.
The on-chain metrics further reveal that traders on Binance are strongly betting on the long side. According to the data, 69.20% of top traders hold long positions, while 30.80% hold short positions.
When combining all these metrics, it appears that bulls have been dominating the asset. This could help the meme coin maintain its price above the key levels.