After a notable 50% rally, Dogecoin [DOGE] appears to be consolidating near the key resistance level of $0.25

This ongoing consolidation is attracting significant attention from traders and investors, as reported by on-chain analytics tools Coinglass and IntoTheBlock.

After a notable 50% rally, Dogecoin [DOGE] appears to be consolidating near the key resistance level of $0.25 for the past three days.

This ongoing consolidation is attracting significant attention from traders and investors, as reported by on-chain analytics tools Coinglass and IntoTheBlock.

According to IntoTheBlock, Dogecoin's large transaction volume, which is commonly linked to whale and institutional activity, has experienced a substantial 41.12% surge within the past 24 hours.

This sharp increase signals growing interest and confidence in the memecoin, hinting at possible continued upward momentum.

With rising interest from whales and institutions, Dogecoin's daily active addresses have also surged by 34.91% during the same period.

Coinglass data reveals a sharp increase in bullish bets on Dogecoin.

At press time, the Binance DOGEUSDT Long/Short Ratio stood at 3, signaling strong bullish sentiment. This means that for every three long positions, only one short position has been formed on Binance.

Additionally, 75.08% of DOGE traders on Binance hold long positions, while just 24.92% are short.

Despite these bullish on-chain metrics, DOGE's price seems to be struggling to gain momentum.

At press time, the memecoin was trading near $0.2276 and has recorded a decline of 8.40% over the past 24 hours.

During the same period, its trading volume dropped by 10%, indicating lower participation from crypto enthusiasts compared to the previous day.

Dogecoin's price action & key levels

Expert technical analysis shows that DOGE has been consolidating near the key resistance level of $0.25 for the past three days.

This raises the question—will the memecoin repeat past patterns or is this just a routine correction?

The last time DOGE hit this level, it faced strong selling pressure, leading to a downward move.

Will history repeat, or can bulls push past resistance this time?

If DOGE continues consolidating and closes a daily candle below $0.22, then we can expect to see downside momentum follow in the coming days.

However, if there's a shift in sentiment and DOGE manages to break resistance by closing a daily candle above $0.255, then we can anticipate an upside rally.

This could push the memecoin toward its next resistance at $0.30, potentially securing a 20% gain.