Dogecoin Buy Signal Ignites Hope Amid US-Iran Tensions

Dogecoin (DOGE) is trading at around $0.072 on Thursday, close to its yearly low of $0.069. The US-Iran tensions and Houthi threats have led traders to flee from riskier assets, putting pressure on DOGE.

The open interest in DOGE has risen alongside falling prices, indicating new short positions entering the market. The long-to-short ratio is at 0.88, meaning more traders are betting on a price drop than an increase.

However, analyst Ali Martinez has pointed out that weekly TD Sequential buy signals have appeared, which has historically preceded strong rallies. These signals are rare and may be indicating a major bull rally is approaching.