DOGE Surge Hits a Wall: What’s Next?

DOGE was on fire recently, with prices soaring. But the good times didn’t last long, as it has dipped a bit in the last 24 hours, causing some investors to feel a bit anxious. However, this coin still has the potential to reach historical highs.

Can DOGE set a new record? Or should we take it easy?

DOGE is getting closer to its all-time high. You see, it rose over 20% last week. But unfortunately, it has recently corrected by 5%, and the momentum has temporarily stalled.

Currently, DOGE is about $0.4213, ranking seventh in cryptocurrencies.

An analyst named MilkyBull Crypto mentioned that DOGE is close to its historical peak. When asked if it could rise to $5, he said it’s unlikely, but then again, anything is possible.

So, what’s next for DOGE?

In terms of trading volume, DOGE has dropped by 15%. This is actually good news because a decrease in price accompanied by a drop in trading volume often indicates that a rally might be on the way.

However, looking at sentiment indicators, people’s confidence in DOGE is a bit shaky, and there’s a bearish outlook.

Also, looking at the open contracts, they are falling along with the price, suggesting that a reversal is imminent.

Nevertheless, the funding rate has risen, indicating that some investors are taking advantage of the lower prices to buy DOGE.

Checking the daily chart for DOGE, it’s currently moving in an upward channel and is trying to break through the top of this channel.

If it breaks through, DOGE will not be far from its historical peak. But even if it does break through, one must be cautious of a correction, as the price might revert back to around $0.367.

Moreover, DOGE may not reach its historical peak that quickly. Right now, people are too greedy, which is not a good sign. When greed is excessive, prices often need to adjust.