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Market analysts are optimistic about a potential price surge for Dogecoin, the largest meme coin in the cryptocurrency world. The coin is gaining momentum and could be on the verge of a significant price increase.
Data indicates that confidence in the meme coin has grown, driven by an increase in open interest and a continuous price recovery that has allowed the token to break through its resistance level.
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Dogecoin Open Interest Hits $4.7 Billion
Experts believe that Dogecoin could experience a rally that would push the meme coin to the $0.39 level. The token is currently in recovery mode and gaining momentum.
One positive sign indicating a potential upward trend for DOGE is the increase in open interest. Data shows a nearly 10% surge in open interest for Dogecoin in the last 24 hours, allowing the meme coin to reach $4.74 billion.
A crypto analyst noted that while the long-to-short ratio might show more bearish positions, the volume-weighted funding rate has increased by 0.0098%, indicating investor willingness to pay a premium to maintain bullish positions.
Overall, analysts are confident that derivative data suggests the upward movement for Dogecoin will persist.
Remaining Above The Fibonacci Support Level
Crypto analysts observed that DOGE remains above its 23.62% Fibonacci support level, reaching a price of $0.31385. Despite initial bearish pressure, the token has managed to recover and gain bullish momentum.
Market data shows that DOGE has surged towards the 50% Fibonacci level, trading at $0.3675 with a series of bullish candles.
Dogecoin has crossed the 200 EMA line and reached the 38% Fibonacci level, increasing the likelihood of positive price movements.
Indicators suggest that DOGE has entered the overbought territory in its 4-hour RSI, indicating a potential continuation of the surge.
At the time of writing, Dogecoin is being traded at $0.3776 with a market capitalization of $55 billion. The coin has seen a 3.1% increase in daily trading and a 15.8% increase over the week, according to Coingecko.
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Is $0.39 Within Range?
Analysts suggest that Dogecoin is showing strength that could propel it to the $0.39 mark. The coin continues to dominate its segment of the market, surpassing the $0.35 resistance level.
Observers note a 5% increase in the altcoin market, which could further support Dogecoin’s upward trend.
Featured image from Cybernews, chart from TradingView