The post Dogecoin Poised for 20% Price Rally, Key Metrics Confirm appeared on BitcoinEthereumNews.com.

After being in a downtrend for almost six months, Dogecoin (DOGE) the biggest meme coin is poised for a significant price rally. On September 13, 2024, DOGE experienced an impressive price surge, resulting in a breakout of its long descending trendline. Following this breakout, on-chain metrics including, future open interest, Long/short ratio, and OI-weighted funding rate, which measure market sentiment and trading positions, are flashing a bullish signal. DOGE Price Momentum At press time, DOGE is trading near $0.1053 and has experienced a price surge of over 4.5% in the last 24 hours. Meanwhile, its trading volume increased by 23% during the same period, indicating higher participation from traders and investors following the breakout. Dogecoin (DOGE) Technical Analysis and Upcoming Levels  According to expert technical analysis, DOGE appears bullish despite trading below the 200 Exponential Moving Average (EMA) on the daily time frame. In addition to the descending trendline breakout, DOGE’s Relative Strength Index (RSI) also experienced a breakout from a symmetrical triangle on the daily time frame, indicating bullish momentum. Source: Trading View Based on the historical price momentum, if DOGE closes a daily candle above the $0.106 level, there is a strong possibility it could soar by 20% to the $0.128 level, in the coming days. However, this bullish thesis will only hold if DOGE closes the daily candle above the $0.106 level, otherwise, it may fail. DOGE’s Bullish Key Metrics  However, DOGE’s current bullish outlook is further supported by the on-chain metrics. Coinglass’s long/short ratio currently stands at 1.051, indicating bullish market sentiment among traders. At present, 51.25% of top DOGE traders hold long positions, while 48.75% hold short positions. Source: CoinGlass Additionally, DOGE’s future open interest has increased by 9.2% in the last 24 hours and has been steadily rising since September 8, 2024. The increasing…

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Filed under: News - @ September 13, 2024 9:19 pm