- September 23, 2024
- Posted by: Jackson Bennett
- Category: News
Dogecoin price benefits from a long-term bullish breakout as RSI surges above the trendline with a potential target at $0.11 and a possible 45% gain due to whale purchases. Increasing buying signals surface from the Dogecoin RSI breakout; traders expect $0.11 to set the tone for further gains. Whale action rises as major investors tend to buy DOGE tokens when the price approaches $0.10, suggesting another potential climb. A snapshot of DOGE options shows an increased interest in the market and expectations that the price of DOGE will be more volatile.
Dogecoin (DOGE) is displaying some of the characteristics that suggest a bullish run is possible for the meme crypto. Although one of the important technical conditions has been fulfilled, traders are expecting one major price level to occur which would boost the DOGE considerably. However, the price of DOGE has been on the rise after finding support at the intra-day low of $0.1042. As of now, it was $0.1093 per Doge, having grown by 4.20% from the lowest intraday rate.
RSI Breakout Signals Potential Upside
The first condition for a bullish breakout in Dogecoin has been reached and the Relative Strength Index (RSI) on the daily chart has recently crossed the descending trendline. This technical tool, which measures trends in an asset, supports the notion that concentration buying pressure is rising.
Nonetheless, for the bullish trend to sustain itself fully, the Dogecoin Price has to break through the $0.11 resistance level. It has acted as a resistance level in the current trading sessions, and breaking through the level could open the door for additional gains. Some crypto analysts are paying their attention to this level as the opportunity for DOGE’s 45% movement upward.
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Whale Activity and Accumulation Patterns
Recent data show emotions of large Dogecoin holders, so-called whales, becoming more active these days. The large volume of transactions in DOGE has increased, which usually leads to significant volatility in the coin’s price.
It is a positive sign when whales are accumulating DOGE around the thresholds such as $0.10.
In the past, periods of whale buying have often preceded upward price movements, and based on the current whale activity, we can conclude that a strong support level can lead to an upswing. With big players having increasing stakes in DOGE, there is an increasing probability of piercing key resistance levels hence reinforcing the bullish narrative.
Dogecoin Price Targets: Analyst Projections
Well-known cryptographer Ali Martinez has predicted several potential DOGE price levels and a possible uptrend. In general, DOGE could gradually increase to several important levels, as Martinez noted: $0.10–$0.125, $0.125–$0.135, $0.135–$0.16, $0.16–$0.18, and $0.18–$0.24. If achieved, this progression would be an increase of 45 percent from the current price levels.
Martinez made this prognosis during a period of increased market instability, during which the DOGE price has been oscillating around $0.10. The analyst’s forecasts also suggest that getting over the $0.11 mark remains a compelling barrier on the way to these higher Dogecoin Price levels.
The derivatives market of Dogecoin Price is bearish as trading volume falls while open interest rises. According to data, Dogecoin derivatives’ volume has declined by 23.54% to $696.91 million, and this means that traders may be losing interest or there may be low market depth. On the other hand, open interest was up by 6.41% to $527.82 million, an indication of new capital enshrined in the trade and more speculation.
Also, the put/call ratio rose in DOGE with the options traded at an increase of $53.64 million by 370.09%, and options open interest stood at $78.39K by a 224.82% increase. Such growth signifies the increase in participation in options trading, which signals that more people anticipate DOGE price swings over the short term.
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