Dogecoin’s open interest rises to $1 billion, 70% of traders go long: can the rally last?

That of Dogecoin DOGE/USD Bullish sentiment continued with whale moves, elevated open interest, and traders anticipating further upside momentum.

What happened: Data from CoinGlass reported open interest of $1.08 billion over the past 24 hours, marking a 16% increase, the highest since November 2022 levels. The increase in open interest marks the entry of further money into the market, creating a bullish sentiment.

Meanwhile, data from Coinalyze showed that 69.9% of traders are long.

Based on Whale Alert data, 699.99 million Dogecoins worth $89 million were transferred from an unknown wallet to Binance. Even analytics indicated plus other transactions on other cryptocurrency exchanges. The move could be a step forward by whales starting to sell off as holdings are rolled out to lock in profits.

Price Action: In the last 24 hours, Dogecoin rose by 4.5%, bringing its weekly gains to 40%. The memecoin’s rally pushed its valuation to $17.1 billion, higher than that of MicroStrategy and Robinhood.

Because matter: According to data from IntoTheBlock, there was an increase in transactions over $100,000, reaching 1,105 as of February 28, up from 683 the day before and 168 transactions on February 22.

Crypto content creator Trader Tardigrade tweeted:

What’s next: While Dogecoin and the community exude optimism, CryptoQuant’s analysis of the memecoin found that it was overbought on the Relative Strength Index (RSI), with a possible indication of a trend reversal.

He adds that 87% of the price movement over the past two weeks has been upward and a trend reversal may occur.

Fueled by investor optimism, Dogecoin is entering a bullish phase, with some even predicting a parabolic breakout.

Read next: Dogecoin Surprises with 14% Gain: “King Of Memes Still Looks Like a Pricing Mistake,” Says Crypto VC

Photo: Pixabay



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