- Doge has risen by 7.3% in the last 24 hours.
- Dogecoin buyers return to the market as a bullish crossover comes forward.
The last day, Dogecoin [DOGE] Buyers have made a strong comeback. After falling to a lowest point in two weeks of $ 0.160, investors have returned to buy the dip. This buying spree played a crucial role in stimulating the prices of doge higher.
In fact, Dogecoin currently acted at $ 0.174. This meant an increase of 7.30% in the 24-hour time frame.
Source: Coinglass
In the same period, Dogecoin derivatives experienced considerable growth. The option volume increased by 84.21%, while Options open Resting (OI) rose by 8% to $ 804k.
In addition, the radiant volume of the memecoin rose by 22% and reached $ 1.22 billion, and OI climbed 7.23% to $ 1.67 billion.
Before these profits, Dogecoin had been on a downward trend and it fell by 5.45% and 15.5% monthly per week. The question remains whether Dogecoin can retain this momentum and reach higher resistance levels.
Can Dogecoin maintain his recent profit?
The analysis of Ambcrypto indicates an increase in demand for Dogecoin, since buyers re -enter the market.
The price diagrams of the Memecoin reveal a bullish crossover on its relative strength index (RSI). This crossover supports the observation that buyers have regained control of the market.
When the RSI rises and makes a bullish crossover, this indicates that buyers dominate the market and surpass sellers in force.
Source: TradingView
The dominance of buyers is confirmed by the positive orderon balance, which indicates more buying orders than sales orders.
This market behavior shows a strong bullish sentiment, because investors see current rates as favorable for acquiring the asset. Historically, the increased demand has often led to higher prices, which indicates potential upward movement in the market.
Source: Mobchart
Finally, the long/short ratio of Dogecoin indicates that these buyers re -enter the market to take long positions. As such, the number of lungs has risen to 71.47% in the past day, with shorts for only 28% of the Futures contracts.
When long -dating is dominant, this suggests that investors are bullish and anticipate the prices that will rise in the short term.
Source: Coinalyze
In summary, Dogecoin experiences strong demand in the short term and indicates a shift in market sentiment. With buyers who dominate, Doge is well positioned for possible price increases as the momentum persists.
The upward momentum seems to be building steadily. When the Stoch RSI completes its upward movement and makes a bullish flip, it validates the Bullish Crossover of the RSI.
This confirmation would indicate a continuation of the upward trend, which suggests that Dogecoin can retain its recent profit.
If this happens, Doge will probably regain the level of $ 0.18, which would strengthen its position for a push to $ 0.19.
However, if the bullish efforts of buyers are shaking and sellers start loading, a correction can rise the price of doge to $ 0.168.
