Dogecoin Price Surges As Open Interest Skyrockets; Could $0.2 Breakout Imminent?

Dogecoin (DOGE), a popular meme coin, has seen a notable surge in price over the past 24 hours. The meme coin is currently hovering above the $0.13 support level, with investors eyeing more bullish momentum ahead. When writing, the Dogecoin price hovered at $0.1311 during European trading hours, surging 4%.

This increase has propelled its market capitalization to approximately $19.04 billion, making it the eighth-largest cryptocurrency by market cap. The 24-hour trading volume is up by 31.72%, at around $1.05 billion.

Dogecoin Price Demonstrates Strong Rebound with Recent Surge

Over the past week, Dogecoin has seen a significant surge in its market price, increasing by 14%. This upward trend is evident in the cryptocurrency’s price performance chart, which shows a notable recovery from a low of $0.114. The peak during this period occurred at $0.1356, showcasing a strong rebound in investor interest and market dynamics.

Dogecoin derivatives have witnessed a significant uptick, signaling a growing investor interest and market confidence in this altcoin. According to the latest data from , trading volume in Dogecoin derivatives has soared by 65.43% to reach an impressive $1.89 billion.

This surge is mirrored in the open interest for these derivatives, which has seen a rise of 6.09%, now standing at $665.11 million. The substantial volume and open interest increase points to heightened activity and bullish sentiment among traders.

Dogecoin is currently witnessing a market recovery, signaling the potential for its price to surpass $0.15. The next target could be the $0.20 resistance level if this trend persists. A breakthrough beyond $0.25 might alter its customary trading patterns, setting the stage for a climb to $0.30 during the upcoming bullish cycle.

Conversely, Dogecoin could fall below $0.13 if the market turns bearish. This decline likely leads it to the support threshold at $0.12. A further downturn in market sentiment could push its price down to $0.10. This would underscore a strong bearish trend in the market.

Technical Indicators Suggest Continuing Bullish Trend for DOGE

The daily technical indicators for the Dogecoin price reveal a mixed picture of market sentiment and momentum. The Relative Strength Index (RSI), currently at 58.80, indicates a neutral-to-mildly bullish sentiment among investors. 

The value is below the overbought threshold of 70 but above the midpoint of 50. This suggests that while upward momentum exists, it is not yet in the overbought territory.

The Moving Average Convergence Divergence (MACD) indicator shows a slight bullish crossover. The MACD line has recently crossed above the signal line, which typically signals a possible bullish move in the market. However, the closeness of the lines and the small size of the bars in the histogram indicate that this bullish signal could be stronger at the moment.

The 20-exponential Moving Average (EMA) is above the 50-EMA on the 4-hour chart, suggesting a short-term bullish trend for Dogecoin. This crossover typically indicates that the shorter-term price movement is outpacing the longer-term trend, potentially signaling increasing buyer interest and upward price momentum.