Despite the celebratory backdrop of International Dog Day, Dogecoin's price has only seen a modest gain. However, market sentiment remains optimistic, with futures traders taking long positions. The meme coin is on the cusp of a potential 25% surge to $0.15, which could rescue over $4 billion worth of DOGE currently at risk. But what are the odds of this happening?
Futures Traders Show Mixed Sentiment on Dogecoin’s Future
Recent data from Coinglass indicates a slight increase in both Dogecoin’s open interest (OI) and price over the last 24 hours, suggesting that futures traders are betting on a price rise. However, Coinglass’s Liquidation Map reveals a nearly balanced leverage between cumulative short and long positions, indicating uncertainty among traders about Dogecoin’s next move.
Despite this indecision, data from the Crypto Derivatives Visualizer (CDV) shows that an increasing number of traders are entering long positions, signaling a gradual shift towards a more bullish market sentiment.
CVD and OI Indicate Potential Seller Exhaustion, RSI Remains Positive
An analysis of cumulative volume delta (CVD) and open interest (OI) reveals a decline of 0.59% and 3.50%, respectively, over the past three days, suggesting that some traders have been closing their long positions. However, Coinglass CDV data implies that traders might be re-entering long positions as DOGE finds support around its current price of $0.1090.
The Relative Strength Index (RSI) is trending upward, indicating bullish momentum. The RSI line is also positioned above the 14-day smoothing moving average, reinforcing the idea that DOGE's bullish momentum remains strong. With an RSI value of 54.14, Dogecoin still has room to rise before reaching overbought levels.
A Bullish Dogecoin Price Could Save Over 94,000 Holders
As the market watches closely, over 94,000 Dogecoin holders are anxiously awaiting the coin’s next move. According to IntoTheBlock data, these investors collectively hold over $4 billion in DOGE. If the bullish trend continues, these holders could see their positions turn profitable.
If Dogecoin’s price manages to break through to $0.12 and beyond, the number of profitable DOGE holders could surge, increasing the total Dogecoin supply in profit from 51.44% to 75.57%. This would position DOGE as one of the top profitable crypto assets, alongside Bitcoin (BTC) and Ethereum (ETH).
In summary, while the road ahead for Dogecoin remains uncertain, the potential for a significant price increase is within reach, especially if bullish momentum continues to build. Should DOGE hit $0.12, it could mark a major turning point for the meme coin and its holders.
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