Dogecoin Shatters Shorts, Hits Month-Long High

6. Juli 2023 Aus Von admin

• Dogecoin [DOGE] recently climbed to a one-month high, plunging short traders into losses.
• Data from Santiment revealed that DOGE reclaimed the $0.07 price mark during the intraday trading session on 4 July.
• Momentum indicators suggested an increase in buying pressure, leading to an upward trend in the coin’s price.

Dogecoin Reaches One-Month High

Dogecoin [DOGE] recently climbed to a one-month high, plunging short traders into losses. During the trading session on 4 July, data from Santiment revealed that DOGE exchanged hands at a one-month high and reclaimed the $0.07 price mark during the intraday trading session on 4 July.

Short Traders Bank On Price Drop

For example, 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 Suggest Increase In Buying Pressure

The coin’s Relative Strength Index trended upwards from 29 June to 57.15 at the time of writing and Money Flow Index was spotted close to overbought territory at 70.53. Further, DOGE’s On-balance volume climbed by almost 2% in the last week indicating an increase in demand for this coin which led to an upward movement of its price.

Aroon Up Line Confirms Current High

Aroon Up Line (orange) returned a value of 71.43% at press time confirming that most recent high was clocked relatively recently indicating that uptrend is strong with this asset’s current high being reached recently .

Conclusion

It appears as though market participants are increasingly confident about Dogecoin’s [DOGE] long-term prospects as momentum indicators suggest increased buying pressure resulting in an upward trend for its prices alongside some traders banking against it through opening short positions which then resulted into their loss due to surge in prices after few days confirming current high through Aroon Up Line (orange).