Dogecoin (DOGE) is targeting $0.18 as open interest spikes 25%.
Dogecoin (DOGE), the popular meme coin is poised for a rally due to its strong price action and strong interest from traders and investors. Sentiment for the meme coin seems to have gone from down to up.
Dogecoin technical analysis and upcoming levels
According to expert technical analysis, DOGE looks aggressive and there is a high possibility that it will hit the $0.18 level in the coming days. The likely reason behind this bullish hypothesis is the successful breakout and test of the horizontal resistance at the $0.135 level.
In the year On October 18, 2024, the DOGE broke out of a strong resistance level and strengthened for ten days, which is often considered an accumulation zone. With this latest crash, it is confirmed that meme coin will grow significantly in the coming days.
As of now, DOGE is trading above the 200 Exponential Moving Average (EMA) on the daily time frame, indicating an uptrend.
Bullish On-Chain Indicators
Dogecoin's bullish view is further supported by chain metrics. According to on-chain analytics firm Coinglass, DOGE's long/short ratio currently stands at 1.044, indicating strong bullish sentiment among traders.
Additionally, the open demand rose by 25% in the last 24 hours and by 8.56% in the last four hours. This high interest shows the increasing interest of traders because their bets on DOGE are increasing significantly.
The combination of bullish chain metrics with technical analysis suggests that bulls are currently dominating the asset and may drive a rally in the coming days.
Current price momentum
At press time, DOGE is trading around $0.149 and has experienced a price increase of over 7.2% in the last 24 hours. During the same period, the transaction volume increased by 155 percent.
