Open interest in Dogecoin has surged 19% in the past 24 hours as traders are betting big on the memcoin.
Doge bulls seem to be taking control of the asset.
#Dogecoin [DOGE], the largest token in the crypto-meme sector, is constantly making waves in the crypto industry with its impressive performance.
#DOGE has risen over 45% in the past few days and is expected to rise another 50% in the coming days.
bullish speculation on DOGE is based on the recent price movement, significant interest from traders and investors, and positive #blockchain performance.
According to AMBCrypto's technical analysis, at the time of publication, DOGE was at a key resistance level of $0.223, which was last reached in March 2024.
Based on the current price movement and the overall bullish market sentiment, DOGE is likely to easily break this level. If DOGE breaks this resistance and closes the daily candle above $0.226, the price is likely to rise by 50% and reach $0.34 within a few days.
DOGE is currently trading above the 200 exponential moving average (EMA) on a daily basis, indicating an uptrend. Furthermore, according to IntoTheBlock, trading volume in DOGE has increased by 5.5% in the last 24 hours.
This high trading volume indicates a bullish outlook as prices are approaching resistance levels, indicating high participation from institutional investors and whales.
After examining all parameters, IntoTheBlock indicates a bullish signal for Dogecoin.
Coinglass Analytics suggests that traders are also betting heavily on DOGE. Data shows that open interest in DOGE has increased by 19% over the past 24 hours and continues to steadily increase.
This increase in open interest indicates strong confidence in the #meme coin, which could support further growth.
Combining these chain metrics with technical analysis suggests that bulls are currently dominating the asset.
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