Today on July 6, 2024, the market is rebounding and the world’s biggest crypto-meme coin Dogecoin (DOGE) is recovering remarkably. According to data from an on-chain analytic firm CoinGlass, DOGE’s long position is significantly increasing and becoming higher as compared to short positions on a daily time frame.
This massive surge in long positions signals a bullishness for DOGE, due to this DOGE experienced a notable price surge of over 8% in the last 24 hours. With this huge long position, DOGE on its daily time frame makes a strong bullish doji candle at a crucial support level of $0.104.
Dogecoin (DOGE) technical analysis and key levels
According to expert technical analysis, DOGE is there at a strong support level and looks bullish. Additionally, this bullishness is also backed by the Relative Strength Index (RSI) which is there in an oversold area. While combining these things together, it is clear that coming days we may see an upside move to the $0.128 level which is DOGE’s upper resistance level near 200 Exponential Moving Average (EMA).
Along with this price-action and technical analysis, investors and traders are also looking more active and showing their interest and confidence in DOGE. According to CoinGlass data, in the last 24 hours, the open interest (OI) of DOGE has surged by over 4%.
DOGE price-performance analysis
As of writing, DOGE is trading near $0.108, and in the last 24 hours, it experienced over 8% price surge. Due to the recent fall in the market, the 24-hour trading volume is still down by 44%, which signals lower trader and investor participation. If we look at the performance of DOGE over a longer period, in the last 7 days it has lost over 12% of its value. Whereas, in the last 30 days, it experienced over 33% of price drop.
Besides DOGE, other top crypto assets are experiencing a similar upside move including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), XRP (XRP), and BNB (BNB). According to coinmarketcap, today BTC, ETH, SOL, XRP, and BNB have experienced a price surge of over 4%, 3.5%, 7%, 8.5%, and 7% respectively.
On the other hand, fear remains there in the market after the continuous sell-off of Bitcoin by the governments of the United States and Germany. Additionally, the recent update of BTC distribution by Mt. Gox.