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<p>The post <a href="https://coinpedia.org/news/will-dogecoin-price-rally-32-bullish-divergence-suggests-big-move/" rel="noopener noreferrer nofollow">Will Dogecoin Price Rally 32%? Bullish Divergence Suggests Big Move</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>Dogecoin (DOGE), the world’s biggest meme coin with a market cap of over $13.35 billion is poised for a significant upside rally. On a daily chart, DOGE is flashing a bullish divergence in the Relative Strength Index (RSI), indicating a potential trend reversal from a downtrend to an uptrend.&nbsp;</p>
<h2 class="wp-block-heading" id="h-bullish-divergence-in-dogecoin"><strong>Bullish Divergence in Dogecoin</strong></h2>
<p>Since the beginning of August 2024, DOGE has been forming a lower low, while the technical indicator RSI has been making higher lows. This indicates that the selling pressure that DOGE has been experiencing for a longer period could decrease in the coming days. Traders and investors see bullish divergence as a potential buy signal.&nbsp;</p>
<h2 class="wp-block-heading" id="h-dogecoin-price-prediction-nbsp"><strong>Dogecoin Price Prediction&nbsp;</strong></h2>
<p>According to expert technical analysis, DOGE is currently at a crucial support level of $0.095. Additionally, it is trading above the 200 Exponential Moving Average (EMA) on a weekly time frame, indicating it is in an uptrend.&nbsp;</p>
<figure class="wp-block-image size-large"><a href="https://image.coinpedia.org/wp-content/uploads/2024/09/02193753/DOGEUSDT_2024-09-02_19-37-37-1024x449.png" rel="noopener noreferrer nofollow"><img decoding="async" width="1024" height="449" src="https://image.coinpedia.org/wp-content/uploads/2024/09/02193753/DOGEUSDT_2024-09-02_19-37-37-1024x449.png" alt="" class="wp-image-346226" srcset="https://image.coinpedia.org/wp-content/uploads/2024/09/02193753/DOGEUSDT_2024-09-02_19-37-37-1024x449.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/09/02193753/DOGEUSDT_2024-09-02_19-37-37-300x131.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/09/02193753/DOGEUSDT_2024-09-02_19-37-37-768x336.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/09/02193753/DOGEUSDT_2024-09-02_19-37-37-1536x673.png 1536w, https://image.coinpedia.org/wp-content/uploads/2024/09/02193753/DOGEUSDT_2024-09-02_19-37-37-150x66.png 150w, https://image.coinpedia.org/wp-content/uploads/2024/09/02193753/DOGEUSDT_2024-09-02_19-37-37.png 1824w" sizes="(max-width: 1024px) 100vw, 1024px"></a>
 <figcaption class="wp-element-caption">
  Source: Trading View
 </figcaption>
</figure>
<p>Based on the historical price momentum, whenever the DOGE price reaches to this support level it typically sees an upside rally of 15% to 20%. However, due to the bullish divergence, there is a high possibility that it could soar by 32%, reaching up to the $0.128 level this time.&nbsp;</p>
<h3 class="wp-block-heading" id="h-bullish-on-chain-metrics"><strong>Bullish On-Chain Metrics</strong></h3>
<p>CoinGlass’s DOGE exchange <a href="https://www.coinglass.com/currencies/DOGE" target="_blank" rel="noopener noreferrer nofollow">liquidation data</a> shows that short sellers are still dominating and potentially liquidating long positions on daily and weekly time frames. On a weekly time frame, the major liquidation levels are at $0.0956 on the lower side and $0.103 on the upper side, as traders are over-leveraged at these levels.&nbsp;</p>
<figure class="wp-block-image size-large"><a href="https://image.coinpedia.org/wp-content/uploads/2024/09/02193811/ijcie.png" rel="noopener noreferrer nofollow"><img decoding="async" width="1024" height="433" src="https://image.coinpedia.org/wp-content/uploads/2024/09/02193811/ijcie-1024x433.png" alt="" class="wp-image-346227" srcset="https://image.coinpedia.org/wp-content/uploads/2024/09/02193811/ijcie-1024x433.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/09/02193811/ijcie-300x127.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/09/02193811/ijcie-768x325.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/09/02193811/ijcie-150x63.png 150w, https://image.coinpedia.org/wp-content/uploads/2024/09/02193811/ijcie.png 1472w" sizes="(max-width: 1024px) 100vw, 1024px"></a>
 <figcaption class="wp-element-caption">
  Source: CoinGlass
 </figcaption>
</figure>
<p>If the sentiment remains bearish and DOGE fails to hold the $0.0956 level or 200 EMA, nearly $4.78 million worth of long positions will be liquidated. Conversely, if the sentiment shifts and the price rises to the $0.103 level, approximately $22 million worth of short positions will be liquidated.&nbsp;</p>
<p>The trading bets by short sellers are nearly 4 to 5 times higher than bulls’ long positions, which simply indicates the dominance of the bears.&nbsp;</p>
<h3 class="wp-block-heading" id="h-rising-open-interest-and-price-momentum-nbsp"><strong>Rising Open Interest and Price Momentum&nbsp;</strong></h3>
<p>At press time, <a href="https://coinpedia.org/price-prediction/dogecoin-price-analysis/" rel="noopener noreferrer nofollow">Dogecoin</a> (DOGE) is trading near $0.0968 and has experienced a price drop of nearly 2% in the last 24 hours. Despite the price decline, its open interest has increased by 1% in the past hours and 1.5% in the last four hours. This rising open interest shows growing investors’ and traders’ interest in DOGE amid the market downturn.</p>

Will Dogecoin Price Rally 32%? Bullish Divergence Suggests Big Move

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