Dogecoin Shrugs off Shorts to Reach One-Month High

• Dogecoin (DOGE) recently climbed to a one-month high, plunging short traders into losses.
• During the intraday trading session on 4 July, DOGE reclaimed the $0.07 price mark and liquidated over $808k of short positions in 24 hours.
• Technical indicators such as RSI, Money Flow Index, On-balance volume and Aroon Up line suggested a strong uptrend with recent high clocked relatively recently.

Dogecoin Shakes Off Shorts to Touch Month-Long High

Dogecoin [DOGE] recently climbed to a one-month high, plunging short traders into losses. During the intraday trading session on 4 July, DOGE reclaimed the $0.07 price mark and liquidated over $808k of short positions in 24 hours. Technical indicators such as RSI, Money Flow Index, On-balance volume and Aroon Up line suggested a strong uptrend with recent high clocked relatively recently.

Short Positions Opened Last Week

On leading exchange Binance, DOGE’s funding rates touched a low of 0.0323% on 29 June, highlighting how much traders banked on the DOGE’s price to fall. With a rally in DOGE’s trading volume and a corresponding growth in its price in the last 24 hours, data from Coinglass revealed that $808.01k short positions were liquidated during that period.

Momentum Indicators Signal Uptrend

An assessment of DOGE’s key momentum indicators revealed an uptrend from 29 June onwards – The coin’s Relative Strength Index trended upwards from 29 June to 57.15 at the time of writing; Likewise, DOGE’s Money Flow Index was spotted close to the overbought territory at 70.53; Further, DOGE’s On-balance volume climbed by almost 2% in the last week; When a coin’s OBV grows in this manner it suggests that buying pressure is increasing which can lead to upward price movement which we see here; And finally when Aroon Up line is close to 100 it indicates that the most recent high was clocked relatively recently which we see here also with 71%.

The Market Intensifies Accumulation

The market intensified accumulation instead of placing bets against Dogecoin – For example data from Santiment revealed for the first time in almost four weeks Dogecoin [DOGE] regained its value at around $0.07 level during intraday trading session on 4 July; Similarly data from Coinglass revealed for same period an increase in demand for Dogecoin with rise in its trading volume and corresponding growth in its price leading to liquidation of over $808k worth of short positions during same period indicating increase buying pressure; Momentum indicators such as RSI Money Flow Index OBV and Aroon Up Line also suggesting strong uptrend with recent highs clocked relatively recently indicating buyers returning back into Dogecoin market again after long hiatus following correction few months ago .

Conclusion

As evident from above article – despite traders betting against Dogecoin on 29th June rest of market intensified accumulation instead signaling likely end of downtrend following steep correction few months ago – Technical indicators along with increase demand for coin due to rise in its trading volumes suggest renewed interest among investors leading to rise prices again – Now it remains be seen how long this current trend continues or if there will be any major corrections anytime soon .

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