Dogecoin

bullish

Future

Save

Dogecoin price is on the verge of takeoff as bullish market sentiment promises to send the meme coin 25% upward to $0.15. Meanwhile, today is International Dog Day, but the dog-themed crypto asset has only gained 0.5% to trade at $0.1094. The anticipated move upward will rescue over $4 billion worth of DOGE tokens currently at the money into profitability. What are the odds of this happening? 
<h2 id="futures-traders-uncertain-on-the-future-of-dogecoin-price">Futures Traders Uncertain on the Future of Dogecoin Price</h2> 
Data from <a rel="nofollow" href="https://www.coinglass.com/">Coinglass</a> shows that the DOGE open interest (OI) and price increased slightly over the last 24 hours. This suggests that future traders are entering long positions, betting that the <a href="https://coingape.com/price/dogecoin/">DOGE price</a> will rise higher. 
<img decoding="async" class="aligncenter wp-image-214096 size-full" src="https://coingape.com/wp-content/uploads/2024/08/WhatsApp-Image-2024-08-26-at-14.56.38_4d018ab7.jpg" alt="Dogecoin oi" width="1434" height="599" srcset="https://coingape.com/wp-content/uploads/2024/08/WhatsApp-Image-2024-08-26-at-14.56.38_4d018ab7.jpg 1434w, https://coingape.com/wp-content/uploads/2024/08/WhatsApp-Image-2024-08-26-at-14.56.38_4d018ab7-300x125.jpg 300w, https://coingape.com/wp-content/uploads/2024/08/WhatsApp-Image-2024-08-26-at-14.56.38_4d018ab7-1224x511.jpg 1224w, https://coingape.com/wp-content/uploads/2024/08/WhatsApp-Image-2024-08-26-at-14.56.38_4d018ab7-768x321.jpg 768w, https://coingape.com/wp-content/uploads/2024/08/WhatsApp-Image-2024-08-26-at-14.56.38_4d018ab7-150x63.jpg 150w" sizes="(max-width: 1434px) 100vw, 1434px"> 
Additionally, according to the Coinglass Liquidation Map, a larger cumulative Short liquidation leverage than longs. However, the imbalance is very small, indicating there may be indecision between bulls and bears in the market concerning the Dogecoin price. 
<img decoding="async" class="aligncenter size-full wp-image-214097" src="https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-26-135718.png" alt="DOGE Exchange Liquidation" width="1469" height="550" srcset="https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-26-135718.png 1469w, https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-26-135718-300x112.png 300w, https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-26-135718-1224x458.png 1224w, https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-26-135718-768x288.png 768w, https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-26-135718-150x56.png 150w" sizes="(max-width: 1469px) 100vw, 1469px"> 
Nevertheless, the Crypto Derivatives Visualizer (CDV) data showing traders currently entering longs shows that bullish sentiment is gradually dominating the market as traders shift to an optimistic bias. 
<h2 id="cvd-and-oi-suggest-seller-exhaustion-rsi-remains-bullish">CVD and OI Suggest Seller Exhaustion, RSI Remains Bullish</h2> 
An analysis of the cumulative volume delta (CVD) change and OI shows that both metrics dropped 0.59% and 3.50% over the last three days, signaling that traders have been closing their long positions since Friday. 
<img decoding="async" class="aligncenter size-full wp-image-214099" src="https://coingape.com/wp-content/uploads/2024/08/image-1-2.png" alt="DOGEUSDT_2024-08-26_14-54-31" width="1371" height="834" srcset="https://coingape.com/wp-content/uploads/2024/08/image-1-2.png 1371w, https://coingape.com/wp-content/uploads/2024/08/image-1-2-300x182.png 300w, https://coingape.com/wp-content/uploads/2024/08/image-1-2-1224x745.png 1224w, https://coingape.com/wp-content/uploads/2024/08/image-1-2-768x467.png 768w, https://coingape.com/wp-content/uploads/2024/08/image-1-2-150x91.png 150w" sizes="(max-width: 1371px) 100vw, 1371px"> 
However, given the data from Coinglass CDV, traders may be re-entering longs once more after the price of DOGE finds support around the current price of $0.1090. 
The Relative Strength Index is trending upward, which signifies that the asset is bullish. The RSI line is also above the 14-day smoothing moving average, which shows that the bullish momentum for DOGE is still intact. At 54.14, the RSI predicts that the Dogecoin price may rise higher before it reaches the overbought level.&nbsp; 
<img decoding="async" class="aligncenter size-full wp-image-214098" src="https://coingape.com/wp-content/uploads/2024/08/DOGEUSDT_2024-08-26_14-54-31.png" alt="DOGEUSDT" width="1815" height="762" srcset="https://coingape.com/wp-content/uploads/2024/08/DOGEUSDT_2024-08-26_14-54-31.png 1815w, https://coingape.com/wp-content/uploads/2024/08/DOGEUSDT_2024-08-26_14-54-31-300x126.png 300w, https://coingape.com/wp-content/uploads/2024/08/DOGEUSDT_2024-08-26_14-54-31-1224x514.png 1224w, https://coingape.com/wp-content/uploads/2024/08/DOGEUSDT_2024-08-26_14-54-31-768x322.png 768w, https://coingape.com/wp-content/uploads/2024/08/DOGEUSDT_2024-08-26_14-54-31-1536x645.png 1536w, https://coingape.com/wp-content/uploads/2024/08/DOGEUSDT_2024-08-26_14-54-31-150x63.png 150w" sizes="(max-width: 1815px) 100vw, 1815px"> 
<h2 id="bullish-dogecoin-price-may-save-over-94-000-holders">Bullish Dogecoin Price May Save Over 94,000 Holders</h2> 
Meanwhile, over 94,000 Dogecoin holders are on the edge of their seats as they await to see the direction the DOGE price will take. According to data from <a rel="nofollow" href="https://www.intotheblock.com/">IntoTheBlock</a>, these investors collectively hold over $4 billion in DOGE, and if the trend remains bullish, they may shift into profitability. 
<img decoding="async" class="aligncenter size-full wp-image-214100" src="https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-26-124745-1.png" alt=" Dogecoin holders" width="1614" height="493" srcset="https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-26-124745-1.png 1614w, https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-26-124745-1-300x92.png 300w, https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-26-124745-1-1224x374.png 1224w, https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-26-124745-1-768x235.png 768w, https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-26-124745-1-1536x469.png 1536w, https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-26-124745-1-150x46.png 150w" sizes="(max-width: 1614px) 100vw, 1614px"> 
<a href="https://coingape.com/price-predictions/dogecoin-doge-price-prediction/">DOGE price prediction</a> shows that if bulls prevail and these coins become profitable, the total amount of Dogecoin supply in profit will increase from 51.44% to 75.57%, making DOGE one of the top profitable crypto assets to hold, aside from Bitcoin (BTC) and Ethereum (ETH). 
The post <a href="https://coingape.com/markets/4-billion-doge-could-be-rescued-if-dogecoin-price-hits-0-12-what-are-the-odds/">$4B DOGE Could Be Rescued if Dogecoin Price Hits $0.12, What are the Odds?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

$4B DOGE Could Be Rescued if Dogecoin Price Hits $0.12, What are the Odds?

Table of Contents

Coingape News Media

Other articles published on Aug 26, 2024

What is the New Ethereum Layer-2 Network Corn?

Toncoin slides 5% as Telegram CEO rumored to face 12 charges

Crypto Turmoil: TON and NOT Plunge as Telegram CEO Arrested on Multiple Charges

Cardano and Toncoin investors flock to new presale coin that has raised over $140K

Binance and CZ Face Lawsuit in Seattle Federal Court Over Alleged Money Laundering Practices

Binance Resumes Full Operations in India After Securing FIU Registration and Paying $2.25M Fine

Join our free newsletter for daily crypto updates!