đ„ According to CoinGape: Will $DOGE Price Rally Come To An End?
Dogecoin managed to surge beyond $0.15 and even neared the $0.16 milestone. At the time of writing, the DOGE price soared 6.10% to $0.1556 on Thursday, May 16. Furthermore, the largest meme cryptoâs market valuation spiked to $22.46 billion. Moreover, DOGEâs 24-hour trading volume shot up by 18.33% to $1.96 billion.
At press time, DOGE is trading at:
- $0,15501 on KuCoin exchange
- $0,15508 on WhiteBIT exchange
- $0,1550 on Coinbase exchange
In addition, the Dogecoin futures open interest climbed 11.83% to $884.94 billion, indicating renewed interest among derivatives traders. However, short sellers dominated liquidations with $2.51 million, according to Coinglass. While the short squeeze could send DOGEâs value higher, the dump would be even more significant when shorts take charge.
Analyzing the technical indicators, Dogecoinâs price dynamics are at a critical juncture. The 50-day Exponential Moving Average (EMA), currently around $0.1652, is acting as a resistance level. A breakout above this level could signal the onset of a bullish market. Moreover, it could potentially drive the DOGE price higher to the next resistance points at $0.18 and $0.20.
On the other hand, the 100-day EMA, positioned at $0.1434, is providing a level of support, indicating a cushion against significant declines. The 200-day EMA, at $0.1237, serves as a major long-term support level. If the increased activity from whales results in substantial selling pressure, Dogecoin might face a bearish scenario, testing these support levels.
