Dogecoin

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<p>After being in a downtrend for almost six months, Dogecoin (DOGE) the biggest meme coin is <a href="https://coinpedia.org/price-analysis/why-dogecoin-doge-price-is-up-today/" target="_blank" rel="noreferrer noopener">poised for a significant price rally</a>. On September 13, 2024, DOGE experienced an impressive price surge, resulting in a breakout of its long descending trendline.</p>   
<p>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.</p>   
<h2 class="wp-block-heading" id="h-doge-price-momentum"><strong>DOGE Price Momentum</strong></h2>   
<p>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.</p>   
<h2 class="wp-block-heading" id="h-dogecoin-doge-technical-analysis-and-upcoming-levels-nbsp"><strong>Dogecoin (DOGE) Technical Analysis and Upcoming Levels&nbsp;</strong></h2>   
<p>According to expert technical analysis, DOGE appears bullish despite trading below the 200 <a href="https://coinpedia.org/traders/exponential-moving-average-ema/" target="_blank" rel="noreferrer noopener">Exponential Moving Average</a> (EMA) on the daily time frame. In addition to the descending trendline breakout, DOGE’s <a href="https://coinpedia.org/traders/what-is-relative-strength-index-rsi/" target="_blank" rel="noreferrer noopener">Relative Strength Index</a> (RSI) also experienced a breakout from a symmetrical triangle on the daily time frame, indicating bullish momentum.</p>   
<figure class="wp-block-image size-large">
 <a href="https://image.coinpedia.org/wp-content/uploads/2024/09/13195826/DOGEUSDT_2024-09-13_19-58-15-1024x449.png"><img src="https://image.coinpedia.org/wp-content/uploads/2024/09/13195826/DOGEUSDT_2024-09-13_19-58-15-1024x449.png" alt="" class="wp-image-350669"></a>
 <figcaption class="wp-element-caption">
  Source: Trading View
 </figcaption>
</figure>   
<p>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.</p>   
<h2 class="wp-block-heading" id="h-doge-s-bullish-key-metrics-nbsp"><strong>DOGE’s Bullish Key Metrics&nbsp;</strong></h2>   
<p>However, DOGE’s current bullish outlook is further supported by the on-chain metrics. <a href="https://www.coinglass.com/currencies/DOGE" target="_blank" rel="noreferrer noopener nofollow">Coinglass’s</a> 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.</p>   
<figure class="wp-block-image size-large">
 <a href="https://image.coinpedia.org/wp-content/uploads/2024/09/13195847/sept-13.png"><img src="https://image.coinpedia.org/wp-content/uploads/2024/09/13195847/sept-13-1024x272.png" alt="" class="wp-image-350670"></a>
 <figcaption class="wp-element-caption">
  Source: CoinGlass
 </figcaption>
</figure>   
<p>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 open interest, combined with a long/short ratio above 1, indicates potential buying opportunities. Traders and investors often consider this combination while building long or short positions.</p>   
<figure class="wp-block-image size-large">
 <a href="https://image.coinpedia.org/wp-content/uploads/2024/09/13195915/sept-13-2-1024x365.png"><img src="https://image.coinpedia.org/wp-content/uploads/2024/09/13195915/sept-13-2-1024x365.png" alt="" class="wp-image-350671"></a>
 <figcaption class="wp-element-caption">
  Source: CoinGlass
 </figcaption>
</figure>   
<p>On the other hand, the DOGE OI-weighted funding rate currently stands at 0.0067% and is positive, indicating bullish market sentiment. Typically, a positive OI-weighted funding rate is viewed as a bullish signal, while a negative rate suggests a bearish signal.</p>   
<p><strong>Also Check Out: <a href="http://Dogecoin Price Prediction 2024 – 2030: Will DOGE Price Hit $1?" target="_blank" rel="noreferrer noopener">Dogecoin Price Prediction 2024 – 2030: Will DOGE Price Hit $1?</a></strong></p>

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