After being in a downtrend for almost six months, Dogecoin (DOGE), the biggest meme coin, is poised for a significant price rally. On September 13, 2024, DOGE experienced an impressive price surge, resulting in a breakout of its long descending trendline.
DOGE Price Momentum
At press time, DOGE is trading near $0.1053 and has experienced a price surge of over 4.5% in the last 24 hours. Meanwhile, its trading volume increased by 23% during the same period, indicating higher participation from traders and investors following the breakout.
Dogecoin Technical Analysis
According to expert technical analysis, DOGE appears bullish despite trading below the 200 Exponential Moving Average (EMA) on the daily time frame. In addition to the descending trendline breakout, DOGE’s Relative Strength Index (RSI) also experienced a breakout from a symmetrical triangle on the daily time frame, indicating bullish momentum.
DOGE’s Bullish Key Metrics
DOGE’s current bullish outlook is further supported by the on-chain metrics. Coinglass’s long/short ratio currently stands at 1.051, indicating bullish market sentiment among traders. Additionally, DOGE’s future open interest has increased by 9.2% in the last 24 hours and has been steadily rising since September 8, 2024. The DOGE OI-weighted funding rate currently stands at 0.0067% and is positive, indicating bullish market sentiment.
Dogecoin is showing signs of a significant price rally after a prolonged downtrend, supported by a breakout of the descending trendline and positive on-chain metrics. Experts continue to monitor the market, anticipating further developments.
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