Dogecoin Surges 9% to Exceed $0.25 for First Time in 14 Days
Dogecoin increased by 9% on August 9, surpassing the $0.25 mark for the first time in 14 days. It outperformed Ethereum, becoming the top performer among the largest cryptocurrencies.
The price surge was driven by:
- ETF-related optimism
- An increase in speculative trading activity
Market sentiment improved with a 5% rise in confidence regarding a potential Dogecoin ETF approval, raising the odds to 67%. This contributed to DOGE's rise above its 14-day moving resistance level.
Key metrics included:
- Open interest in Dogecoin derivatives rose by 13.16% to $3.82 billion
- Long/short ratios on major exchanges indicated bullish sentiment, with Binance showing a ratio of 2.47 and top traders at 3.22
- Total liquidations reached $9.72 million, mainly affecting short positions
Price Forecast
Dogecoin has broken above key technical levels, targeting a breakout at $0.268. A close above $0.243 could lead to further gains, potentially reaching $0.285. However, failure to maintain support at $0.225 might lead to a decline towards $0.211 or lower.
Overall market conditions remain favorable, bolstered by Bitcoin's rally following significant institutional investment.