- Dogecoin surged by 4.97% over the past month.
- Market fundamentals indicate buy signal as Dogecoin shows a bullish crossover.
As a seasoned analyst with over two decades of experience in the financial markets, I’ve seen my fair share of market trends and volatility. Having closely observed Dogecoin’s [DOGE] performance over the past month, it appears to me that we might be on the verge of another exciting run.
After reaching a peak of $0.132, Dogecoin [DOGE] has found it challenging to regain its previous highs. Consequently, there’s been a drop of approximately 15.15% in its value over the past two weeks.
Currently, as we speak, Dogecoin (DOGE) was being traded at $0.112. This represented a 1.75% decrease over the last seven days. However, prior to this drop, DOGE had been experiencing an upward trend, rising by approximately 4.97% each month.
Although we’ve experienced some setbacks lately, the last 24 hours have displayed a glimmer of hope with a surge in trading actions. Consequently, Dogecoin’s trading volume has experienced a significant jump by approximately 47.43%, reaching a total of $750.97 million.
In recent times, the current market situation has sparked discussions within the broader cryptocurrency community. Notable figures like Ali Martinez and Trader Alan, who are well-known in the crypto world, are among those voicing their opinions.
What market sentiment says
As a researcher, based on the findings of Martinez, the Technical Indicator known as TD Sequential suggested an opportune moment for investment. In other words, the downtrend had apparently come to an end, and it appears advantageous for investors to consider entering the market by either purchasing or adopting long positions.
As a market analyst, I often observe that the arrival of new participants typically boosts demand, leading to increased purchasing activity and subsequently pushing prices upward due to heightened competition for available supplies.
Conversely, Alan believes that the crossover of the 20-day Simple Moving Average (SMA) over the 100-day SMA on DOGE‘s daily charts indicates a surge in buying pressure. This could potentially lead to an increase in prices in the short term.
Based on my analysis, I’ve noticed that the current levels surpass both the previously established highs and lows for the year 2024. This is noteworthy as it signals a breakout above the former resistance (the highs) and below the prior support (the lows), indicating a potential shift in market dynamics.
Given the positive buy signal, it seems like the perfect time for me, as a new investor, to jump on the bandwagon. The bullish crossover in Dogecoin (DOGE) indicates that an uptrend could be just around the corner.
Can DOGE reclaim 2024 highs?
Based on the analysis presented, it appears that Dogecoin might see further increases in its value as indicated by the price trends.
Initially, the Open interest in Dogecoin, measured in US dollars across all exchanges, has consistently increased. It started at approximately $140 million and climbed up to $153.71 million.
Investors are not only keeping their current investments but also adding new ones. This indicates a strong belief in the market’s potential growth.
Furthermore, there’s been a significant decrease in the amount of Dogecoin held by larger investors during the last week, going from approximately 163.41 million down to just 27.35 million.
Such a huge decrease in outflow means that large holders are choosing to hold onto their tokens.
Read Dogecoin’s [DOGE] Price Prediction 2024–2025
To put it simply, the volume of options traded in Dogecoin increased by a significant 118.21%, reaching $120.64 million. This indicates a strong inclination among investors to buy more, as they anticipate the price will go up.
Equally, options Open Interest has seen a surge by 28.99% to $503.95k.
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2024-10-14 17:44