Bears Successfully Defend 017 Resistance Temporarily Halting Dogecoins Price Moon Shot

Dogecoin’s price surge has hit a pause as bears defend the $0.17 resistance level. The recent rally, driven by factors like Elon Musk’s involvement and the upcoming U.S. elections, has attracted traders’ attention and generated optimism in the market. The rise in open interest in DOGE futures suggests that more traders are expecting significant price movements and are betting on bullish outcomes. The positive funding rates also indicate market participants’ expectation of further price increases. Elon Musk’s political involvement, including his mention of a “Department of Government Efficiency” related to Dogecoin, has fueled the rally and led to a 7% price jump. However, the rally halted on October 30th, with Dogecoin dropping nearly 6% due to profit booking sentiment. The overbought RSI levels further suggest a potential trend reversal and a sell signal. If the downtrend continues, Dogecoin’s price may drop to the support levels near $0.156 and $0.134. On the other hand, a rally could push the price towards the resistance levels near $0.19 and $0.21.