Will Dogecoin Price Rally 32%? Bullish Divergence Suggests Big Move
Release: 2024/09/02 22:14 Reading: 875
Dogecoin (DOGE) Bullish Divergence Signals Potential 32% Rally
Dogecoin (DOGE), the top meme cryptocurrency with a market capitalization exceeding $13.35 billion, is poised for a substantial upward rally. Its daily chart reveals a bullish divergence in the Relative Strength Index (RSI), suggesting a potential trend reversal from bearish to bullish.
Bullish Divergence in Dogecoin
Since August 2024, DOGE has been forming lower lows, while the RSI technical indicator has been creating higher lows. This divergence indicates that the selling pressure on DOGE could ease in the near future. Traders often view bullish divergence as a potential buying signal.
Dogecoin Price Prediction
Expert technical analysis suggests that DOGE is currently at a crucial support level of $0.095. It is also trading above the 200 Exponential Moving Average (EMA) on a weekly timeframe, indicating an uptrend.
Historically, when DOGE reaches this support level, it typically experiences an upside rally of 15% to 20%. However, due to the bullish divergence, there is a strong possibility that the price could surge by 32%, reaching the $0.128 level.
Bullish On-Chain Metrics
CoinGlass's DOGE exchange liquidation data shows that short sellers are still dominant and potentially liquidating long positions on daily and weekly timeframes. On a weekly timeframe, the major liquidation levels are $0.0956 on the lower side and $0.103 on the upper side, indicating traders are over-leveraged at these levels.
If the sentiment remains bearish and DOGE fails to maintain the $0.0956 level or 200 EMA, nearly $4.78 million worth of long positions will be liquidated. Conversely, if the sentiment shifts and the price rises to the $0.103 level, an estimated $22 million worth of short positions will be liquidated.
Rising Open Interest and Price Momentum
At the time of writing, Dogecoin (DOGE) is trading near $0.0968 and has seen a price decline of approximately 2% in the last 24 hours. Despite the price drop, its open interest has increased by 1% in the past hours and 1.5% in the last four hours. This rising open interest reflects growing investor and trader interest in DOGE amidst market volatility.
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