After a six-month downtrend, Dogecoin (DOGE) broke its long descending trendline on September 13, 2024, signaling a potential price rally. DOGE is currently trading at $0.1053, up over 4.5% in the last 24 hours, with trading volume increasing by 23%.

Technical analysis suggests a bullish outlook. DOGE's Relative Strength Index (RSI) has broken out from a symmetrical triangle, and if DOGE closes above $0.106, it could rise by 20% to $0.128. This bullish thesis hinges on maintaining the $0.106 level.

Supporting this, on-chain metrics show a bullish trend. Coinglass’s long/short ratio is 1.051, indicating more long positions. Open interest in DOGE futures has risen by 9.2%, and the OI-weighted funding rate is positive at 0.0067%, reinforcing the bullish sentiment.