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- DOGE is showing signs of another major bull run, echoing patterns from 2017 and 2021.
- Increased Open Interest and strong on-chain activity signal a potential DOGE rally soon.
According to renowned crypto analyst Javon Marks, Dogecoin (DOGE) could be on the cusp of another massive rise to new all-time highs. Drawing on DOGE’s past behavior, Marks claims that the meme coin is nearing completion before recreating the explosive patterns witnessed in 2017 and 2021.
During those years, many cryptocurrencies saw massive increases during their own bull runs, and DOGE was no exception. This time, Marks sees a similar bullish pattern building, implying that DOGE may be about to set another record.
$DOGE (Dogecoin), based on its historical performances, can be gearing up and its final stages here before yet another monumental move to new All Time Highs 🧨! pic.twitter.com/XxJoqXdC6A
— JAVON⚡️MARKS (@JavonTM1) September 20, 2024
CoinGlass Data Signals Growing Trader Interest and Bullish Outlook for DOGE
Adding to the bullish sentiment, CoinGlass data shows that DOGE’s Open Interest has increased by 5.68%, reaching $518.93 million. Open Interest is an important metric in the cryptocurrency market since it shows the total number of outstanding derivative contracts.
The increase in Open Interest indicates increased market interest in DOGE, implying that more traders are actively engaged in positions involving the asset. This could indicate that a large price movement is on the way, as increases in Open Interest sometimes precede sharp market shifts.
Furthermore, the Long/Short ratio for DOGE during the last 24 hours is 1.0222, according to CoinGlass data. This ratio shows that there are somewhat more long positions than short positions.
A ratio greater than one indicates a positive attitude among traders, implying that the market anticipates DOGE’s price to rise in the short term. This supports the thesis that the meme coin is poised for another upward trajectory.
Previously, CNF noted that DOGE is poised for a bullish surge as on-chain activity continues to thrive, with weekly transactions exceeding an astonishing 1.93 million. This surge in on-chain activity shows greater network usage and interest, which is frequently a precursor to major price increases.
Furthermore, one analyst stated that DOGE has consistently outpaced Bitcoin in every market cycle, implying that this cycle may follow the same pattern, bolstering the notion of an imminent bullish period for DOGE.
DOGE is currently trading around $0.1082, up 3.14% over the last 24 hours, with a trading volume of $512.04 million.
