CandleFocus Dogecoin Poised for 20% Price Rally, Key Metrics Confirm
2024-09-13
Author: Content Editor
Dogecoin (DOGE) has experienced a price surge of 5%, causing a breakout of its long descending trendline. On-chain metrics, such as rising open interest and a long/short ratio above 1, indicate potential buying opportunities. If DOGE closes a daily candle above $0.106, it could potentially soar by 20% to $0.128. Technical analysis suggests DOGE is bullish despite trading below the 200 Exponential Moving Average (EMA) on the daily time frame, with the Relative Strength Index (RSI) also indicating bullish momentum. The bullish outlook is supported by Coinglass's long/short ratio and increasing future open interest, indicating positive market sentiment among traders. The DOGE OI-weighted funding rate is positive, further supporting the bullish market sentiment.
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