Dogecoin Metrics See Bullish Reversal As DOGE Sets Sights On $0.3

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Dogecoin is currently planning out its direction for the remainder of the month after an intriguing succession of price fluctuations last week. The meme currency experienced a decline in value from $0.2099 to $0.1689, which equals nearly a 20% decrease within just a few days.

It appears that DOGE investors might be taking a new approach this week based on some indicators. On-chain data is suggesting a shift towards positive momentum for Dogecoin, which could potentially take place over the weekend.

Dogecoin Trading Volume Spikes Amidst Price Appreciation

Dogecoin has experienced a significant surge in trading activity recently, with both the derivatives and spot markets seeing notable gains. According to Coinglass, the trading volume in the derivatives market for Dogecoin has jumped by nearly 31% within the last day, totaling over $4.61 billion. Simultaneously, data from Coinmarketcap indicates a rise of approximately 13% in the spot market, amounting to a trading volume of around $2.83 billion during the same period.

There’s significant demand for DOGE with its rising volume, causing a push in its price. In just the past day, DOGE has experienced an uptick of over 6%, reaching $0.208. Furthermore, there’s been a noticeable surge in long positions on this cryptocurrency, suggesting traders anticipate further price growth.

Surge In Open Interest

In simpler terms, the value of open bets on Dogecoin, or the amount of money traders are putting at stake, has increased by around 10.15% over the last day to reach $1.74 billion. This growth suggests that a larger number of traders are entering new positions in DOGE, implying that the recent price uptick following Dogecoin’s decline could potentially continue its upward trend throughout the week.

Approximately 61% of the total open interest, amounting to $574.95 million, was accounted for by Binance. Following closely were Bybit and Singapore-based BingX with open interests of $449.44 million and $229.42 million respectively, representing around 43% and 21% of the overall open interest respectively.

Whale Accumulation Signals Growing Confidence In DOGE

Large-scale Dogecoin investors, or “whales,” have been hoarding on-chain data, with significant amounts of the cryptocurrency being withdrawn from exchanges over the weekend. For instance, Whale Alerts reported the transfer of approximately 304 million Dogecoins, valued at around $52.3 million, from Binance to three personal wallets.

DOGE To $0.3?

Currently, DOGE is being bought and sold for $0.2076. It reached a low of $0.16 last week before bouncing back. Notably, this price rise occurred as DOGE tried to breach the $0.20 barrier during the weekend.

After surpassing the $0.20 mark for cryptocurrency, its next objective for bullish investors lies at $0.22. If DOGE successfully ends a trading day above $0.22 and maintains that price level, some market participants anticipate further growth towards $0.30 and potentially even higher prices.

Based on forecasts, the pattern of recent DOGE prices appears to be reflecting a bullish trend once again. Should history follow suit, this bullish trend could potentially propel DOGE up to reach $12.

Dogecoin Metrics See Bullish Reversal As DOGE Sets Sights On $0.3

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2024-04-09 01:11