Dogecoin encounters a cold snap after a surge, is the historical high within reach or is it a bubble about to burst?
Is Dogecoin going for the historical highest price?
The recent price of $DOGE skyrocketed, but in the last 24 hours, it has poured cold water on everyone.
Last week, the DOGE price soared more than 20%, but the good times didn't last long, as it corrected by 5% yesterday, momentum has slowed, currently selling at $0.422 each, ranking seventh in cryptocurrency.
Looking at DOGE's trading volume, it has dropped by 15%, which is actually a good thing because when the price falls and trading volume decreases, it often indicates a rebound is coming. However, everyone's confidence in Dogecoin seems to be wavering, with bearish sentiment on the rise.
There is also good news, as open contracts have fallen along with the price, indicating that the trend is about to reverse. But the funding rate has increased, suggesting that those trading derivatives are buying Dogecoin at a discount.
Looking at the daily chart of Dogecoin, it is wandering in an upward channel, trying to break through the resistance level. If it breaks through, it won't be far from the historical high.
However, that being said, even if Dogecoin breaks the record, it doesn't mean it will keep rising. If the price crashes, investors may have to watch it fall back to $0.367.
Moreover, Dogecoin may not rush to a new high so quickly. The fear and greed index has reached 'extreme greed', which usually means it's time for a correction.
In summary, this market is unpredictable, and anything can happen. We must stay calm and not be too impulsive.
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