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.
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.
According to the on-chain analytics firm Coinglass, 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.
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.
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 DOGE price could soar by 20% to reach the $0.134 level in the coming days.
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.
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.
However, this bullish thesis will only hold if DOGE closes its daily candle above the $0.113 level, otherwise, it may fail.
As Bitcoin continues to hover around the $100,000 mark, experts are debating just how high…
The long-running legal battle between Ripple and the U.S. SEC is once again making headlines.…
While Dogecoin (DOGE) and Shiba Inu (SHIB) remain the OG giants of the meme space,…
James Wynn, once known as a fearless crypto trader, is now making headlines again —…
Crypto markets are dipping, sparking curiosity about what crypto to buy now. Investors are eyeing…
Story Highlights The live price of SHIB memecoin is SHIB token price could reach a…