This Indicators Points to Dogecoin Retracing to $0.10 Amidst 7% Surge
Dogecoin is trading at $0.13 at press time after the day started at $0.12. It is up more than 7% in the last 24 hours, making it one of the to gainers.
The coin’s latest gains is a continuation of the previous day’s trend when it recovered from a three-day downtrend and closed with gains exceeding 4%.
Dogecoin’s latest happened when most cryptocurrencies in the top 10 saw less than 3% increases, with Bitcoin and Ethereum registering no significant changes in price. What is caused the hike?
A Rise in Open Interest
The data from Coinglass suggests that a rise in open interest rates is one reason for the most recent price improvement. The derivatives market is also seeing a surge in funding rates indicating more inflow to the asset.
According to the information, more traders are looking to purchase the cryptocurrency at a higher price as the amount of unsettled future contracts reached $603 on July 20. Additionally, the futures funding rate significantly improved this week compared to the previous.
It is worth noting that both metrics show increased interest from investors in the asset. The positive funding rate is a reflection of how many traders are willing to hold long. This means that more traders are bullish about next price action.
The post This Indicators Points to Dogecoin Retracing to $0.10 Amidst 7% Surge first appeared on Cointab.
