Dogecoin

bullish

Momentum

View

<p>Dogecoin (DOGE) the world’s biggest meme coin by market cap is poised for a significant upside rally as its on-chain metrics flash a bullish signal. In the past few days, the overall sentiment across the cryptocurrency landscape has shifted and appears bullish.&nbsp;</p>   
<h2 class="wp-block-heading" id="h-doge-s-bullish-on-chain-metrics-nbsp"><strong>DOGE’s Bullish On-chain Metrics&nbsp;</strong></h2>   
<p>Amid this market reversal, DOGE’s on-chain metrics such as Long/Short ratio, Future open interest, and OI-weighted funding rates are signaling potential buying opportunities and hints that a massive rally is imminent.</p>   
<p>According to the on-chain analytics firm <a href="https://www.coinglass.com/currencies/DOGE" target="_blank" rel="noreferrer noopener nofollow">Coinglass</a>, DOGE’s Long/Short ratio currently stands at 1.042, indicating bullish market sentiment among traders. Additionally, its future open interest has increased by 8.9% in the last 24 hours and 4.8% in the last four hours. This rising future open interest suggests bulls are on a buying spree, with traders potentially building more long positions.&nbsp;</p>   
<figure class="wp-block-image size-large">
 <a href="https://image.coinpedia.org/wp-content/uploads/2024/09/21233010/knfknkd-1024x273.png"><img src="https://image.coinpedia.org/wp-content/uploads/2024/09/21233010/knfknkd-1024x273.png" alt="" class="wp-image-353810"></a>
 <figcaption class="wp-element-caption">
  Source: Coinglass
 </figcaption>
</figure>   
<figure class="wp-block-image size-large">
 <a href="https://image.coinpedia.org/wp-content/uploads/2024/09/21233030/djnvdnmkm.png"><img src="https://image.coinpedia.org/wp-content/uploads/2024/09/21233030/djnvdnmkm-1024x351.png" alt="" class="wp-image-353811"></a>
 <figcaption class="wp-element-caption">
  Source: Coinglass
 </figcaption>
</figure>   
<p>Traders and investors often use a combination of rising open interest and a long/short ratio above 1, while building long positions. Currently, 51.20% of top DOGE holders have long positions, while 48.80% hold short positions.&nbsp;</p>   
<h2 class="wp-block-heading" id="h-dogecoin-technical-analysis-and-upcoming-levels-nbsp"><strong>Dogecoin Technical Analysis and Upcoming Levels&nbsp;</strong></h2>   
<p>According to expert technical analysis, DOGE is on the verge of breaking a strong resistance level at $0.112. If it breaks out this resistance level and closes a daily candle above the $0.113 level, there is a strong possibility that the <a href="https://coinpedia.org/price-prediction/dogecoin-price-analysis/">DOGE price</a> could soar by 20% to reach the $0.134 level in the coming days.</p>   
<figure class="wp-block-image size-large">
 <a href="https://image.coinpedia.org/wp-content/uploads/2024/09/21233055/DOGEUSDT_2024-09-21_23-29-49.png"><img src="https://image.coinpedia.org/wp-content/uploads/2024/09/21233055/DOGEUSDT_2024-09-21_23-29-49-1024x448.png" alt="" class="wp-image-353812"></a>
 <figcaption class="wp-element-caption">
  Source: Trading View
 </figcaption>
</figure>   
<p>As of now, DOGE is trading below the 200 Exponential Moving Average (EMA) on a daily time frame, indicating a downtrend. The 200 EMA is a technical indicator used by traders and investors to assess whether an asset is in an uptrend or downtrend.</p>   
<h3 class="wp-block-heading" id="h-current-price-momentum"><strong>Current Price Momentum</strong></h3>   
<p>At press time DOGE is trading near $0.109 and has experienced a price surge of over 4.5% in the last 24 hours. During the same period, its trading volume dropped by 25%, indicating lower participation from traders amid the market reversal.</p>   
<p>However, this bullish thesis will only hold if DOGE closes its daily candle above the $0.113 level, otherwise, it may fail.</p>

Coinpedia Fintech News

Table of Contents

CoinPedia News

Other articles published on Sep 21, 2024

Daddy Powell Solana Memecoin Will Rally 14,000% Before Exchange Listing, As SHIB and DOGE Lag

TON and Memecoins Shoot Bitget to 1,600% User Growth in Africa

The SEC Approves Trading Options For BlackRock’s Bitcoin ETF!

JASMY Eyes Major Breakout as FET Aims to Reclaim $2 Price Target, Altcoins Reflect BTC’s Bullish ...

Coinpedia Fintech News

RISE, the Gigagas Layer 2, announces its $3.2M Seed Round

Join our free newsletter for daily crypto updates!