CandleFocus Dogecoin Eyes 20% Rally, On-chain Data Flashes Bullish Signal
2024-09-21
Author: Content Editor
DOGE, the largest meme coin by market cap, is showing bullish signals based on its on-chain metrics. The Long/Short ratio is at 1.042, indicating bullish sentiment among traders. Future open interest has increased, suggesting more long positions are being built. 51.20% of top DOGE holders have long positions. Technical analysis suggests that if DOGE breaks a resistance level at $0.112 and closes a daily candle above $0.113, it could rise by 20% to reach $0.134. Currently trading below the 200 EMA on a daily time frame, DOGE is experiencing a price surge of over 4.5% in the last 24 hours. However, the bullish thesis will only hold if it closes above $0.113.
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