Will DOGE hit $0.125? Bulls back to support Dogecoin

Dogecoin (DOGE) Rebounds with Strong Long Positions

On July 6, 2024, the cryptocurrency market witnessed a resurgence, with Dogecoin (DOGE) leading the charge. Data from CoinGlass, an on-chain analytics firm, revealed a significant increase in DOGE's long positions, overshadowing short positions on a daily basis.

This bullish sentiment drove DOGE's price to surge over 8% in the past 24 hours, resulting in a bullish doji candle formation at a crucial support level of $0.104.

Technical Analysis and Key Levels

Technical analysis suggests that DOGE is well-supported and poised for further gains. The Relative Strength Index (RSI) indicates oversold conditions, adding to the bullish outlook. Combining these factors, DOGE is likely to target the resistance level of $0.128, coinciding with the 200-day Exponential Moving Average (EMA).

Investor Confidence and Price Performance

Investors and traders are exhibiting increased interest in DOGE, reflected in a 4% surge in open interest (OI) over the past 24 hours.

As of writing, DOGE trades near $0.108, maintaining its 8% price increase from the previous day. However, the recent market downturn has dampened trading volume, which is down by 44% over 24 hours. Long-term, DOGE has lost over 12% in the past week and 33% in the past month.

Market Context

Beyond DOGE, other major cryptocurrencies are also experiencing an upward momentum, including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), XRP (XRP), and BNB (BNB). Notably, BTC, ETH, SOL, XRP, and BNB have surged by over 4%, 3.5%, 7%, 8.5%, and 7%, respectively.

Despite the optimism, concerns linger due to the ongoing sell-off of BTC by the US and German governments, as well as the recent update on BTC distribution by Mt. Gox.