- Dogecoin’s Open Interest surged by 19% in the past 24 hours as traders bet heavily on the memecoin.
- DOGE bulls appeared to be dominating the asset.
As a seasoned researcher with years of experience in analyzing digital assets, I must say that the recent surge in Dogecoin (DOGE) is nothing short of remarkable. Having closely monitored the meme coin’s performance since its inception, it’s fascinating to see how far it has come from being a joke to becoming a serious player in the crypto market.
In simpler terms, Dogecoin (DOGE), the leading cryptocurrency associated with internet memes, is consistently causing a stir within the world of digital currencies due to its strong and consistent results.
In the last several days, DOGE has seen an increase of more than 45%, suggesting it could surge by an additional 50% in the upcoming period.
Dogecoin’s optimistic outlook stems from its recent market behavior, high levels of trader and investor attention, and favorable data from blockchain analytics.
Dogecoin technical analysis and key levels
As reported by AMBCrypto’s technical evaluation, the Dogecoin (DOGE) price was facing a significant resistance point of approximately $0.223 at the moment of reporting – a price point that hasn’t been seen since March 2024 in previous transactions.
Given the recent price trends and the generally optimistic market atmosphere, it seems quite possible for Dogecoin (DOGE) to surpass its current resistance level.
If the memecoin manages to break past the current resistance at $0.226 and ends the day’s trading above this point, it’s quite likely that we might see a jump of around 50%, potentially taking its value up to approximately $0.34 in the near future.
Currently, Dogecoin’s price is sitting above its 200-day Exponential Moving Average (EMA), suggesting that it’s in an upward trend on the daily chart.
Whale and investor participation
Moreover, IntoTheBlock’s data indicates a 5.5% rise in the number of Dogecoin transactions over the last 24 hours.
A high volume of transactions suggests that large investors like institutions and ‘whales’ are actively participating, which could push prices towards a resistance level, implying a potentially optimistic market trend or bullish sentiment.
Examining all the parameters, IntoTheBlock indicates a bullish signal for Dogecoin.
DOGE’s rising Open Interest
Based on information from an on-chain analysis company named Coinglass, it appears that traders are aggressively wagering on Dogecoin (DOGE). The data indicates that DOGE’s Open Interest increased by a significant 19% over the past day, with this trend continuing to climb.
This growing Open Interest suggests strong confidence in the meme coin and could support its upcoming rally.
By merging these blockchain indicators with traditional chart analysis, it seems clear that at present, the bullish sentiment is stronger among the asset holders.
Read Dogecoin’s [DOGE] Price Prediction 2024–2025
Current price momentum
Currently, Dogecoin (DOGE) is close to $0.227 and has experienced a significant increase of more than 8.9% within the last day.
Simultaneously, there’s been a 43% surge in trading activity, suggesting active involvement from both traders and investors, as the price nears the potential breakout point.
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2024-11-11 03:03