Dogecoin's Open Interest Zooms Up To $1B, 70% Of Traders Go Long: Can The Rally Last?
Portfolio Pulse from Khyathi Dalal
Dogecoin (DOGE) has seen a significant increase in bullish sentiment, with open interest reaching $1.08 billion, a 16% surge and the highest since November 2022. Approximately 70% of traders are going long on DOGE, and there has been notable whale activity, including a transfer of 699.99 million DOGE to Binance. Despite the optimism and a 40% weekly gain in price, CryptoQuant warns that DOGE is overbought and may face a trend reversal.
February 29, 2024 | 11:01 pm
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Dogecoin's bullish sentiment is reflected in a 16% surge in open interest and a 40% weekly price gain. However, warnings of being overbought suggest a potential short-term trend reversal.
The significant increase in open interest and price indicates strong bullish sentiment, but the overbought condition according to CryptoQuant suggests caution, as it may lead to a short-term price correction or stabilization.
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IMPORTANCE 90
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