Dogecoin Jumps 7.3% Amid Bullish Market Signals
Key Takeaways
Dogecoin (DOGE) has recorded a 7.3% price increase within 24 hours. Buyers are returning in greater numbers, generating a bullish signal in the market. Technical indicators such as the Relative Strength Index (RSI) and the long/short ratio suggest a potential continuation of the upward trend. If the trend holds, DOGE could soon reach the US$0.19 mark.
Strong Demand Drives Dogecoin Price
After dropping to a two-week low of US$0.160, buyers seized the opportunity to purchase Dogecoin at a lower price. This buying wave pushed the price up to US$0.174 â a 7.3% gain in a single day. This indicates increased interest and a positive market sentiment.
Derivatives Market Shows Significant Growth
Alongside the price increase, activity in the derivatives market has also risen. Options trading volume jumped by 84.21%. Open interest (OI) in options increased by 8% to US$804,000. Futures are also trending upward: trading volume rose by 22% to US$1.22 billion, and OI climbed by 7.23% to US$1.67 billion.
Technical Indicators Point to Further Growth
A look at the technical data reveals a bullish picture. The Relative Strength Index (RSI) has formed a bullish crossover â a sign that buyers are currently in control. Order books also show a predominance of buy orders, indicating a positive market outlook.
Additionally, the long/short ratio signals a clear trend: 71.47% of positions are long, while only 28% are short. This means the majority of market participants are betting on rising prices.
Whatâs Next for DOGE?
If the current trend continues, Dogecoin could rise to US$0.18 in the short term. Should the Stochastic RSI (Stoch RSI) also produce a bullish signal, this would further confirm the continuation of the upward trend. In that case, DOGE could even target the US$0.19 level.
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However, the risk of a price correction remains. If buying interest wanes, the price could fall back to around US$0.168.
Our Assessment
Dogecoin is currently showing clear signs of a short-term recovery. The return of buyers, combined with positive technical indicators, suggests a potential continuation of the upward trend. Nevertheless, you should monitor the situation closely. The crypto market remains volatile, and rapid shifts in direction are always possible. If youâre invested in DOGE or considering entering the market, now is a good time to assess the situation and adjust your strategy accordingly.
| Symbol | DOGE |
| Coin type | Alt Coin |
| Transaction Speed | Medium |
| Pros |
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| Cons |
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| Further practical applications | |
| Price | $0.16 |
| 24h % | -7.84 % |
| 7d % | -17.10 % |
| 30d % | -17.30 % |
| 60d % | -43.71 % |
| 1y % | -12.22 % |
| Market Cap | $23,473,307,771.00 |
| Official Links | Website | Source Code |
| Socials | Reddit | X |
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