Bitrabo Editorial
Amidst growing optimism among investors and traders, Dogecoin, the leading dog-themed meme coin in the cryptocurrency market, has experienced a surge in its Open Interest (OI) as DOGE hit its highest price in over a month.
The total number of derivative contracts such as futures and options is referred to as open interest. The recent increase in DOGE’s open interest indicates heightened trader activity and rising market interest in the dog-themed meme coin.
Increase in Dogecoin’s Price Captures Investors’ Attention
TOBTC, a trading platform and analyst, shared the positive news on X (formerly Twitter), prompting enthusiastic responses from Dogecoin supporters within the crypto community. Following DOGE’s price reaching a 34-day peak on July 20, market traders’ interest in the cryptocurrency surged, resulting in a 19% rise in open interest.
At the time of the X report, DOGE’s open interest had climbed to nearly $647.19 million, marking the highest level since the beginning of July. The current value stands at $742.21 million, as reported by Coinglass.
The noticeable increase in open interest suggests that DOGE traders are bolstering their positions post the recent price upsurge to the highest level in the past month. Dogecoin’s price surge on Saturday saw an 18% gain, peaking at around $0.133.
With the market currently showing signs of Greed, indicating a growing bullish sentiment, TOBTC cautioned about potential pullbacks for DOGE despite the positive outlook due to the inherent volatility of digital assets.
TOBTC also pointed out that Dogecoin’s price surge was influenced by speculation surrounding potential interest rate cuts in September and hopes for a pro-crypto stance from Donald Trump in case he wins the forthcoming United States Presidential election in November.
As DOGE continues its bullish momentum, market participants and analysts are closely monitoring the digital asset for further developments, with expectations of a new all-time high in the near future.
Predictions of DOGE Reaching $0.30 in the Near Term
Following the weekend’s price surge, numerous crypto analysts have shared their views on the bullish movement. World of Charts, a crypto analyst, predicted that with the current price momentum, DOGE could soon reach the $0.30 mark.
The analyst noted that Dogecoin is currently seeing a 25% profit while breaking through another resistance level in the falling wedge retesting process. Consequently, the expert believes DOGE could hit $0.30 in the forthcoming weeks if the retest proves successful.
Data from CoinMarketCap reveals that DOGE’s price has maintained its upward trajectory, trading at $0.138, signaling a more than 5% increase in the past day. Both its market cap and trading volume have also seen a respective rise of 5.14% and 41% over the same period.