Dogecoin holds its ascending channel, rebounding from $0.13 with rising bullish momentum.
RSI climbs above 60 as price forms higher lows, signaling renewed market strength.
Open Interest surges 12.05% to $2.39B, reinforcing strong upside conviction from traders.
Dogecoin is trading within a defined ascending channel, with its price movements aligning closely with signals from the daily RSI. The cryptocurrency has respected both the upper resistance and lower support of this structure since March. The ongoing pattern suggests that the uptrend has resumed, backed by consistent bullish momentum.
Price Action and RSI Confirm Ongoing Uptrend
According to analysis prepared by Trader Tardigrade, Dogecoin has continued to trade within the bounds of an ascending channel. The price recently bounced from support near $0.13, where it had dropped in mid-June. This rebound was followed by a strong move upward, forming a higher low and continuing the pattern of higher highs.
https://twitter.com/TATrader_Alan/status/1942908860311965978
The daily Relative Strength Index (RSI) has been moving in tandem with these price shifts. RSI consistently dipped into oversold territory near the lower boundary and returned to overbought conditions as the price neared the upper resistance line. RSI now sits above 60, reflecting renewed positive momentum and increased market participation.
The channel has remained intact for several months. This structure, along with RSI trends, suggests that the current bullish direction may continue as long as the support holds. A potential move toward $0.24 is possible if this pattern stays consistent.
Derivatives Data and Key Levels Strengthen Bullish Outlook
According to data from Coinglass, Dogecoin’s Open Interest rose by 12.05% to $2.39 billion on July 10. This increase added approximately $130 million in new capital within 24 hours. Trading volume also reached $5.58 billion, further supporting the uptrend narrative.
Long/short ratios on major exchanges confirm a bullish bias. On Binance, the ratio stands at 2.7, while OKX shows 2.8. Among top Binance traders, the long/short ratio based on accounts is at 3.6.
BitGuru noted that Dogecoin formed a major low at $0.14339 and broke out from consolidation. The current resistance lies near $0.19. A daily close above $0.18 may set the stage for a new leg higher.
The post Dogecoin Bounces From $0.13 Support as RSI and Price Action Signal Fresh Upside Momentum appears on Crypto Front News. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.
