Check out the latest information in Spanish.
Analysts predict the price of the cryptocurrency industry's biggest meme coin to rise as market observers see Dogecoin gaining momentum and could be ripe for a price explosion. I'm betting that it's likely to happen.
Data shows that optimism for the meme coin has increased due to an increase in the coin’s open interest and the ongoing price recovery that led to the token breaking through its resistance level.
Related books
Dogecoin's open interest reaches $4.7 billion
Analysts believe that Dogecoin could potentially experience a rally that would see the memecoin reach the $0.39 level, stating that the token is currently in recovery mode and gaining momentum. There is.
One positive indicator of a possible uptrend in DOGE is its open interest. The data shows that the open interest of the token is increasing.
Dogecoin's open interest has surged nearly 10% in the past 24 hours, taking the memecoin to $4.74 billion, according to CoinGlass.
On the other hand, one cryptocurrency analyst pointed out that the long-short ratio of 0.9964 may indicate a slightly higher number of bearish positions. Still, the token is on the positive side with a volume-weighted funding rate up 0.0098%, indicating that investors are willing to pay a premium to maintain a bullish position.
Overall, analysts believe that the derivatives data points suggest that the uptrend for the largest meme coin will continue.
Remains above Fibonacci support level
Cryptocurrency analysts noted that DOGE price reached $0.31385, still above the 23.62% Fibonacci support level. They highlighted that although DOGE initially faced strong bearish pressure, the token managed to recover and gain bullish momentum.
Market observers said data showed DOGE prices soared close to the 50% Fibonacci level and traded at $0.3675, continuing a series of bullish candlesticks.
Dogecoin has broken above the 200 EMA line and reached the 38% Fibonacci level, increasing the likelihood of a positive crossover for the token.
Additionally, the indicator highlights that DOGE has reached overbought boundaries on the 4-hour RSI, supporting the potential for the token to continue surging.
At the time of writing, Dogecoin is trading at $0.3776, giving it a market capitalization of $55 billion. According to Coingecko data, DOGE is up 3.1% and 15.8% on a daily and weekly basis.
Related books
Is $0.39 in range?
Analysts suggested that many indicators indicate that Dogecoin is gaining momentum and could rise to $0.39 per coin.
DOGE continues to dominate its segment of the cryptocurrency industry with around 50% and is above the psychological resistance level of $0.35.
Cryptocurrency observers noted the 5% increase in the altcoin market, another indicator that could help Dogecoin’s upward trend.
Featured images are from Cyber News, charts are from TradingView
