Dogecoin poised for 50% rally? Key levels to watch out for
The post Dogecoin poised for 50% rally? Key levels to watch out for appeared on BitcoinEthereumNews.com.
contributor Posted: November 11, 2024 Dogecoin’s Open Interest surged by 19% in the past 24 hours as traders bet heavily on the memecoin. DOGE bulls appeared to be dominating the asset. Dogecoin [DOGE], the largest token of the crypto meme sector, has been continuously making waves in the realm of the crypto industry with its impressive performance. Over the past few days, DOGE has registered a gain of over 45%, and now seems poised for another 50% rally in the coming days. DOGE’s bullish speculation is based on its recent price action, significant interest from traders and investors, and positive on-chain metrics. Dogecoin technical analysis and key levels According to AMBCrypto’s technical analysis, DOGE was at a crucial resistance level of $0.223 at press time — a level it last reached in March 2024. Source: TradingView With the current price action and overall bullish market sentiment, it appears that DOGE could easily breach this level. If the memecoin breaches this resistance and closes a daily candle above $0.226, there is a strong possibility it could surge by 50% to reach the $0.34 level in the coming days. As of now, DOGE is trading above the 200 Exponential Moving Average (EMA) on a daily time frame, indicating an uptrend. Whale and investor participation In addition, the large transaction volume for DOGE has increased by 5.5% over the past 24 hours, according to data from IntoTheBlock. This significant transaction volume indicates substantial participation from institutions and whales as the price approaches the resistance level, signaling a bullish outlook. Examining all the parameters, IntoTheBlock indicates a bullish signal for Dogecoin. DOGE’s rising Open Interest On-chain analytics firm Coinglass, suggests that traders are also heavily betting on DOGE. According to the data, DOGE’s Open Interest has surged by 19% in the past 24 hours…
Filed under: News - @ November 11, 2024 12:03 am