Will DOGE hit $0.125? Bulls back to support Dogecoin

Today, July 6, 2024, the market is recovering, and the world's largest crypto-meme coin, Dogecoin (DOGE), is showing remarkable improvement. According to on-chain analytics firm CoinGlass, DOGE's long positions are increasing significantly compared to short positions on a daily basis.

This surge in long positions suggests bullishness for DOGE, contributing to a substantial price surge of over 8% in the last 24 hours. With these significant long positions, DOGE has formed a strong bullish doji candle on its daily time frame at a crucial support level of $0.104.

Dogecoin (DOGE) Technical Analysis and Key Levels

Technical analysis indicates that DOGE is at a strong support level and appears bullish. This bullish sentiment is supported by the Relative Strength Index (RSI), which is in an oversold area. Considering these factors, an upside move towards the $0.128 level is possible in the coming days. This level represents DOGE's upper resistance level near the 200 Exponential Moving Average (EMA).

Investors' Interest and Participation

Along with price action and technical analysis, investors and traders are showing increasing interest and confidence in DOGE. CoinGlass data reveals a surge in open interest (OI) of over 4% in the last 24 hours.

DOGE Price Performance Analysis

At the time of writing, DOGE is trading around $0.108, marking an over 8% price gain in the last 24 hours. Due to the recent market decline, the 24-hour trading volume has dropped by 44%, indicating lower trader and investor participation. Over the past seven days, DOGE has lost over 12% of its value, while the 30-day price drop is over 33%.

Market Sentiment

While DOGE and other top crypto assets like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), XRP (XRP), and BNB (BNB) are experiencing an upward trend, fear persists in the market due to the ongoing sell-off of Bitcoin by the governments of the United States and Germany. Additionally, the recent update from Mt. Gox regarding Bitcoin distribution has contributed to uncertainty.