Dogecoin Price Forecast: Another 25% Rise on the Horizon

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In Brief

Dogecoin’s price is attempting to close above $0.16, which is key in initiating a recovery rally to $0.20.
The Open Interest has seen a nearly $200 million increase in 48 hours, with traders pining for a price rise.
The meme coin is far from noting a market top since less than 84% of its circulating supply is in profits.

Dogecoin’s DOGE price has recovered from the lows of $0.12 after dipping to it at the beginning of May.

Although the meme coin leader is stuck under the barrier of $0.16, it could be cleared.

Dogecoin Price Rise Anticipated

Dogecoin’s price is noting a surge in bullishness at the hands of investors. Traders can be seen setting up long contracts, which has resulted in the Open Interest rising by close to $200 million in the span of two days.

Open interest refers to the total number of outstanding derivative contracts at a given time, providing insight into market activity and potential future price movements. It reflects the total volume of active positions yet to be closed, indicating market sentiment and liquidity.

OI increase can also be associated with a surge in short contracts. However, considering the positive funding rate, the increase is due to long contracts.

Dogecoin Price Forecast: Another 25% Rise on the Horizon — Dogecoin Open Interest. Source: Coinglass

This rise could be coming soon since, despite the recent recovery, Dogecoin’s price still has considerable room to grow. Of the total circulating supply of DOGE, only 83% is in profit.

Generally, rising profits tend to suggest potential selling. However, that is only when the asset forms a market top. Dogecoin, however, is far from a market top as such an instance is noted only when 95% of the supply is in profit.

Read More: Dogecoin (DOGE) vs Shiba Inu (SHIB): What’s the Difference?

DOGE Price Prediction: Recovery

Dogecoin’s price has witnessed resistance at $0.16, a level that has been tested multiple times in the past. Flipping it into support would send prices to $0.18, which is the barrier between DOGE and $0.20. Breaching these resistances would enable a 25% rally, effectively helping the meme coin regain its recent losses.

Read More: Dogecoin (DOGE) Price Prediction 2024 / 2025 / 2030

However, if the breach of this resistance fails, Dogecoin’s price is vulnerable to falling to $0.15. Losing this support could decrease the meme coin to $0.12, invalidating the bullish thesis.

This article is sourced from the internet: Dogecoin Price Forecast: Another 25% Rise on the Horizon

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