DOGE Breaks $0.10; Will Bulls Reach $0.12?
Dogecoin, the meme-inspired cryptocurrency, broke the $0.1055 resistance level, exciting traders and supporters. This price rise demonstrates market bullishness, spurred by important players' renewed support and technical indications pointing to increases.
Elon Musk, a longtime Dogecoin fan, tweeted on September 7 about a new government agency. He mockingly called it “DOGE,” for “Department of Government Efficiency.”
This news shocked the Dogecoin community, which was excited and speculating on a short-term price boost. Musk and Twitter are known to influence market movements, and his latest remark seems to have further boosted DOGE pricing.
Dogecoin rose 14.26% after Musk's post. With traders and investors closely monitoring the meme coin's rise, it has brought up memories of its prior price surges. Due to the growing price, futures market open interest (OI) and financing rates have increased, indicating increased trading activity.
Coinglass data shows Dogecoin's futures market open interest rose from $442.37 million on September 7 to $501.93 million on September 14.
Dogecoin futures financing rates have also increased, indicating market bullishness. Due to Musk's influence and the market's reaction, traders seem to be becoming more optimistic about DOGE's future.
Many technical indications imply that Dogecoin's current price increase may be the start of a long-term rally. The Money Flow Indicator (MFI), which measures purchasing and selling pressure, rose from 20 on August 5 to 69.12.
The momentum oscillator Relative Strength Index (RSI) is 53.41. The RSI remains above its midway, suggesting DOGE bulls are gradually recovering control.
A significant break over the 50-day exponential moving average (EMA) around $0.106 might push the stock into the wedge's top trendline above $0.108. DOGE might test $0.1200 within the following week and ascend to the wedge's maximum height, establishing a year-end objective of $0.193.
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