Despite Dogecoin’s recent struggles, traders remain optimistic and continue to place bullish bets on the coin, as revealed by AMBCrypto’s analysis. While DOGE’s price had been fluctuating between $0.18 and $0.22, a market correction has caused it to drop to $0.17. Despite this, traders seem unfazed, with Dogecoin’s 24-hour Long/Short ratio sitting at 1.02, indicating a bullish sentiment in the market.
However, sentiment alone may not be enough to propel DOGE out of its tight-trading range. Additional indicators like Open Interest (OI) are being monitored to gauge liquidity and interest in specific contracts within the market. As buyers show more aggression than sellers and the OI remains stable at $1.29 billion, there is potential for DOGE to resume its uptrend and possibly surpass $0.20 and $0.25 in the future, provided the market stabilizes.
From a technical perspective, analysis of the DOGE/USD chart suggests weak momentum, with indicators like the Relative Strength Index (RSI) falling below midpoint and the Parabolic SAR displaying bearish signs. Despite this, if market conditions stabilize, DOGE could potentially break out of its consolidation phase and experience a price surge. Overall, the combination of bullish sentiment, stable Open Interest, and potential external factors like a tweet from Elon Musk could play a significant role in determining DOGE’s future price movements.