🚀 DOGE Unleashed: Breaks Free from Range, Bulls Charge Ahead!
Once Dogecoin crosses the $0.20 barrier, bearish momentum starts to slow down.
Under more money inflow, the derivatives statistics reveal a shakeout of bearish-aligned traders.
Based on DOGE's technical view, which stabilizes above a critical support level, it seems to be short-term recovering.
Since Saturday, Dogecoin (DOGE) has been stabilizing under $0.20; its short-term range runs with $0.1863 as the bottom limit. With this range breach on Tuesday, DOGE bottoms out the collapse of last week and generates a bullish technical view and a higher short-liquidation surge.
According to CoinGlass statistics, the Open Interest (OI) jumps by 2.70%, to $2.09 billion while the 24-hour Dogecoin volume rises by 21% to $3.44 billion. Rising capital inflow in the futures market is the link between OI and usually higher purchasing interest. Especially, the 24-hour liquidation data reveals that compared to the long-sided bets valued $1.42 million, over double the bearish positions were wiped out, valued $2.64 million.
Furthermore reflecting an uptick in purchasing activity is Dogecoin's OI-weighted financing rate of 0.0075%. As leveraged-buying activity increases, positive financing rates assist to match growing derivatives prices with spot pricing.
At 1.06, the long/short ratio chart readings also show a rising optimistic attitude as more traders expect a price rise. Based on taker buy/sell volume, the indicator shows 51.53% of recent four hours accounted for by taker purchase volume.
The breakthrough faces of Dogecoin challenge many obstacles.
After last week's 14% decline, dogecoin trades at $0.5959 at press time on Tuesday, breaking above a short-term range created between $0.1863 and $0.5050. The meme coin notes modest intraday increases as well as a candle closing over the top limit of the range.
The range breakout points to a price increase to the next resistance level—$0.2145. But the intermediate obstacle is the 200-period Exponential Moving Average (EMA) at $0.2074.
