- Dogecoin fought on its price graphics, lowering 1.32% in 24 hours.
- Despite pricing difficulties, the term markets are more active than ever, pointing out increasing speculation.
While Dogecoin (DOGE) has experienced difficulties in its price graphics, the same term markets are more active than ever.
According to Coinglass data, the volume of Dogecoin options jumped 772.4%, reaching $ 2017.
During the same period, the open options increased by 12.27% to $ 324.9K. In addition, the total open interests of Dogecoin climbed 1.26% in 24 hours to 1.55 billion dollars.
Source: Coringlass
In addition to this, the aggregated open interests increased from $ 698 million to $ 713 million. Naturally, this tip reflected an increasing lever effect and the confidence of the increase in traffic in a potential price rebound.
Of course, the prices had not yet reacted. However, increased speculation has often suggested the positioning of intelligent money before major directional movements.
Is Dogecoin ready for a break?
By looking at the performance of the long -term market, this suggests that investors anticipate a major decision. The question is: Doge will see a movement down or a recovery?
According to Ambcrypto’s analysis, these investors are mainly optimistic and expect an upward transition.
To start, Dogecoin notes an increase in the purchase pressure.
Looking at the imbalance of the order, the positive index made a bullish crossover on daily cards. This shows that there are more purchase orders executed on the market than to sell orders.
Thus, buyers control the market, reflecting growing demand.
Source: Mobchart
In addition, Dogecoin traders mainly enter the market and take long positions. As such, the long / short ratio amounted to 68.9% long against 31% shorts, by Coalaryze.
When long dominate, this suggests that investors are optimistic and expect prices to appreciate in the short term.
Source: Coanyze
Buyers dominating the market while future stand, Doge sees an ascending momentum starting to accumulate.
We can see this accumulation while the Scech RSI of the same has made a bullish crossing during the last day. A bullish crossover indicates here an upward potential movement as the momentum is strengthened.
Source: tradingView
The market conditions in force position Dogecoin for gains on its price graphics.
If the change of momentum holds, Doge will recover $ 0.164. Subsequently, if the attempted increase fails and becomes a breakdown, the same could drop to $ 0.50.
