Dogecoin surges during the day... "Increased buying demand"

Uk Jin

Summary

Dogecoin showed a surge during the day, indicating a significant increase in investors' buying demand.
Dogecoin derivatives trading volume surged 84.21% from the previous day, and open interest also rose 8.09%.
In the futures market, bullish bets were 2.50 times more than bearish bets, suggesting that investors expect further rises in Dogecoin.

Meme coin leader Dogecoin (DOGE) is surging during the day.

As of 7:18 AM on the 2nd (KST), Dogecoin is trading at $0.1736, up 5.39% from the previous day according to CoinMarketCap.

At the same time, Dogecoin derivatives trading volume also surged 84.21% from the previous day. The current open interest is up 8.09% from the previous day, recording $804,220.

The background to Dogecoin's upward trend is interpreted as demand aiming for bottom fishing.

Notable indicators are the Relative Strength Index (RSI) and the long-short ratio in the futures market (the ratio of bullish bets to bearish bets).

First, looking at Dogecoin's RSI indicator, it shows that a crossover between buying and selling has recently occurred. Cryptocurrency specialist media AMBCrypto explained, "Currently, buying demand has surpassed selling demand."

In the Dogecoin futures market over the past 24 hours, long positions accounted for 71.47% and short positions accounted for 28.53%. The resulting long-short ratio was 2.50. This means that bullish bets in the futures market were about 2.50 times more than bearish bets.

DOGE