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Dogecoin Eyes 20% Rally, On-chain Data Flashes Bullish Signal

Published by
Zameer Attar

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. 

DOGE’s Bullish On-chain Metrics

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. 

Dogecoin Technical Analysis and Upcoming Levels

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.

Current Price Momentum

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.

Zameer Attar

Zameer is a financial analyst and writer with a particular interest in cryptocurrency markets. He has been studying cryptocurrencies and their market behavior for several years and deeply understands the factors that affect the price of cryptocurrencies. His expertise lies in his ability to use both technical and fundamental analysis to make informed predictions about the future direction of cryptocurrency prices. He has a strong understanding of market sentiment and uses this to inform his trading decisions and price predictions.

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