Dogecoin, Elon Musk's Favorite, is Rushing from Record to Record! Will the Rally Continue, What Does the Data Say for DOGE?

While the leading cryptocurrency Bitcoin is gradually approaching its previous ATH of $ 69,000, $ 64,000 was exceeded yesterday evening.

While this rally in BTC mobilized other altcoins, including mem tokens, new records were set in the largest mem token, Dogecoin.

At this point, DOGE reached its highest level since November 2022, rising up to $0.12 yesterday and gaining over 45% in the last 7 days.

It currently stands at 0.127, making DOGE one of the highest-earning cryptocurrencies.

While DOGE broke a new record in terms of spot price, another record came from futures transactions. At this point, the amount of open positions in DOGE futures has increased by over 54% since Wednesday, breaking a record of $1 billion.

Evaluating the increase in open position, analysts stated that this situation means new or extra money entering the market.

In addition, analysts pointed out that 70% of investors took a long position in DOGE and said, “This shows that investors expect the DOGE price to rise further.”

Analysts also pointed out that the DOGE Relative Strength Index (RSI) reached the “overbought” level and said, “This may mean a possible trend reversal in the coming period.”

*This is not investment advice.

Continue Reading: Dogecoin, Elon Musk's Favorite, is Rushing from Record to Record! Will the Rally Continue, What Does the Data Say for DOGE?