According to renowned crypto analyst Javon Marks, Dogecoin (DOGE) could be on the cusp of another massive rise to new all-time highs.
Renowned crypto analyst Javon Marks has hinted at an impending massive rise for Dogecoin (DOGE) to new all-time highs. Marks’ analysis, based on DOGE’s past behavior, suggests that the meme coin is nearing completion of a crucial stage before setting off explosive patterns, as seen in 2017 and 2021.
During those years, many cryptocurrencies experienced massive increases during their respective bull runs, and DOGE was no exception. This time, Marks seems to be indicating a similar bullish pattern forming for DOGE.
$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 a crucial metric in the cryptocurrency market, as it showcases the total number of outstanding derivative contracts.
The increase in Open Interest indicates heightened market interest in DOGE, suggesting that more traders are actively engaging in positions involving the asset. This could be a hint of a large price movement on the way, considering that increases in Open Interest often precede sharp market shifts.
Moreover, the Long/Short ratio for DOGE during the last 24 hours is 1.0222, according to CoinGlass data. This ratio indicates that there are slightly more long positions than short positions.
A ratio greater than one showcases a positive sentiment among traders, suggesting that the market anticipates DOGE’s price to increase in the short term. This aligns with the narrative that the meme coin is setting up for another leg up.
As reported by CNF, DOGE is poised for a bullish surge as on-chain activity continues to flourish, with weekly transactions exceeding a staggering 1.93 million. This surge in on-chain activity denotes greater network usage and interest, which often serves as a precursor to major price rallies.
Additionally, one analyst has stated that DOGE has consistently outpaced Bitcoin in every market cycle, suggesting that this cycle could follow the same pattern, bolstering the idea of an impending bullish period for DOGE.
DOGE is currently trading at around $0.1082, showing a 3.14% increase over the last 24 hours, with a trading volume of $512.04 million.
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