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Dogecoin Price Forecast: Another 25% Rise on the Horizon

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Dogecoin Price Forecast: Another 25% Rise on the Horizon


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.





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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 Open Interest
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.

Dogecoin Supply in Profit.
Dogecoin Supply in Profit. Source: Santiment

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.

Dogecoin Price Analysis.
Dogecoin Price Analysis. Source: TradingView

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.

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