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Traders in the Dogecoin (DOGE) ecosystem have increased their speculative activity around the meme coin. In the last 24 hours, there has been a slight increase in DOGE open interest as investors anticipate a likely rise in value to higher levels.
Dogecoin bullish sentiment on futures market
Per CoinGlass data, Dogecoin investors have committed $2.83 billion to the meme coin’s open interest. For clarity, open interest refers to the sum total of all unsettled outstanding derivatives like futures contracts.
This involves over 13.5 billion DOGE within this time frame. The volume suggests increasing confidence among market participants in the future outlook of the king of meme coins.
Within this period, Dogecoin has experienced some corresponding gain in value. As of press time, the Dogecoin price was changing hands at $0.2030, which represents a 0.36% increase. Trading volume has gone up massively in the green zone by 89.73% to $2.49 billion.
DOGE rose from $0.1963 to breach the $0.20 resistance level and peaked at $0.2104. It has since corrected to the prevailing market price. However, the movement indicates that the meme coin has the potential to reach higher levels.
Interestingly, broader crypto activities are likely to support further price gains. Notably, Bitcoin’s surge to a new all-time high of $123,091 lifted the sentiment around altcoins, with DOGE set to benefit.
DOGE market conditions and analyst’s outlook
Meanwhile, Dogecoin's breakout above the $0.20 resistance has confirmed bullish momentum for the asset. Investors are eyeing a price rally that could soar to $0.30. Given that the current price uptick is witnessing a corresponding spike in volume, anything is possible.
However, on-chain analyst Ali Martinez is only confident of a $0.24 prediction. U.Today has also highlighted that other factors, such as the Relative Strength Index (RSI) and the MACD histogram, could be critical in determining how high Dogecoin’s price will go in this bullish momentum.
One thing that is certain on the crypto market is that volatility could trigger movements. Hence, Billy Markus, Dogecoin founder, has refrained from predicting if the meme coin could hit $1 in the ongoing bull rally.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team