[What are the chances that $4 billion DOGE could be saved if Dogecoin hits $0.12? 】
Dogecoin price could rise by 25% to $0.15 as bullish sentiment is growing in the market. Currently, DOGE is trading at $0.1094, up just 0.5%, with the expected increase putting over $4 billion worth of DOGE tokens into profit.
According to data from Coinglass, DOGE’s open interest (OI) and price have increased slightly over the past 24 hours, indicating that futures traders are betting on higher prices. While leveraged liquidations were slightly higher on the shorts than on the longs, the gap was not huge, showing the market’s hesitancy towards DOGE price action.
Crypto Derivatives Visualizer (CDV) data shows that traders are currently leaning towards the long side and bullish sentiment is gradually increasing. Cumulative volume change (CVD) and open interest have declined by 0.59% and 3.50% respectively in the past three days, indicating that some traders are liquidating long positions. However, traders may once again enter the longs after DOGE price found support at $0.1090.
The relative strength index (RSI) is at 54.14, indicating a bullish trend, predicting that DOGE price may rise further before reaching overbought levels. More than 94,000 holders are watching DOGE price direction, holding over $4 billion in DOGE, and these investors could turn to profits if prices remain bullish.
If bulls continue to dominate the market and turn profitable, Dogecoin’s total profitable supply will increase from 51.44% to 75.57%, making it one of the crypto-assets with high profit potential after Bitcoin and Ethereum.
