DOGE
Recently, the price of DOGE has seen a significant increase, however, in the past 24 hours, the market has experienced an "emergency brake", causing everyone's enthusiasm to drop.
Is Dogecoin likely to hit an all-time high?
Last week, the price of DOGE surged by more than 20%, but this good momentum did not last long, as it corrected by 5% yesterday, and the upward trend has also slowed down.
Currently, the price of Dogecoin is $0.422, ranking seventh among cryptocurrencies.
Looking at Dogecoin's trading volume, it has dropped by 15%. To some extent, this is a good phenomenon, because when the price drops, the trading volume tends to decrease, often indicating a potential rebound in the future.
However, at the moment, investors' confidence in Dogecoin seems to have shaken, and bearish sentiment is gradually rising.
Additionally, there are some indicators worth noting. Open interest has decreased along with the price, which usually indicates that the market trend is about to reverse. However, the funding rate has increased, suggesting that those participating in derivative trading are buying Dogecoin at a lower cost.
Looking at Dogecoin's daily chart, it can be observed that it is in an upward channel and is attempting to break through resistance. If it can successfully break through, it will not be far from its historical high.
But even if Dogecoin breaks the historical record, it cannot be assumed that it will continue to rise. If the price experiences a significant drop afterwards, it is very likely to see it fall back to $0.367.
Moreover, Dogecoin's attempt to reach a new high may not be so smooth.
Currently, the fear and greed index has reached an "extreme greed" level, and based on past experiences, this often indicates that the market needs to undergo some adjustment.
