$4B DOGE Could Be Rescued if Dogecoin Price Hits $0.12, What are the Odds?

Dogecoin Price Poised for Surge, Driven by Bullish Sentiment

Dogecoin's price is on the brink of a rally, with bullish market sentiment promising a 25% surge to $0.15. Despite today being International Dog Day, the crypto asset has only gained 0.5% to trade at $0.1094. This anticipated upward move could rescue over $4 billion worth of DOGE tokens currently at the money into profitability.

Futures Traders Hesitant on Dogecoin's Future

Data from Coinglass indicates that DOGE's open interest (OI) and price have slightly increased over the last 24 hours. This suggests that futures traders are taking long positions, betting on a rise in DOGE's price.

However, the Coinglass Liquidation Map shows a slightly greater cumulative short liquidation leverage than longs, indicating some indecision among traders regarding Dogecoin's price.

Bullish Sentiment Dominates, Despite Seller Exhaustion

The Crypto Derivatives Visualizer (CDV) data reveals that traders are currently entering longs, suggesting that bullish sentiment is gradually overpowering the market.

An analysis of the cumulative volume delta (CVD) and OI shows that both metrics have declined in recent days, indicating that traders have been closing their long positions. However, Coinglass CDV data suggests that traders may be re-entering longs after DOGE's price found support around $0.1090.

The Relative Strength Index (RSI) is trending upward, signifying bullishness. The RSI line remains above the 14-day smoothing moving average, indicating intact bullish momentum for DOGE. At 54.14, the RSI predicts further potential upside before reaching overbought levels.

Profitability for Over 94,000 DOGE Holders

Over 94,000 Dogecoin holders eagerly anticipate the direction of the DOGE price. According to IntoTheBlock, these investors collectively hold over $4 billion in DOGE, and a bullish trend could shift them into profitability.

If bulls prevail and these coins become profitable, the total supply of profitable Dogecoin will increase from 51.44% to 75.57%, making DOGE one of the most lucrative crypto assets to hold alongside Bitcoin (BTC) and Ethereum (ETH).