Dogecoin Open Interest Surges 19% as Price Shatters Monthly High
Dogecoin has been experiencing a notable surge in trading activity, with its price hitting its highest level in a month. Some traders, including pseudonymous figures like Shelby, have pointed out the potential for a significant upward move, citing historical patterns of Dogecoin’s price breakouts catalyzing increases in other altcoins such as Floki (FLOKI) and Shiba Inu. Currently, DOGE is trading at $0.1336, reflecting an 18.82% increase over seven days.
Community Responses and Warning
Well-known crypto trading accounts, Cheds and CryptoBoss, have also highlighted a favourable break in Dogecoin’s price base, confirming the breakout. However, pseudonymous trader Magnate has cautioned against FOMO, suggesting the possibility of a pullback that could result in a 10.6% decline to approximately $0.1194. Such a dip could lead to the liquidation of around $47.23 million in long positions.
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Recent data from CoinGlass has shown that Dogecoin achieved its highest Open Interest (OI) for July, with a 19% increase to $647.19 million over four days. Additionally, the Crypto Fear and Greed Index currently sits at a “Greed” score of 74, marking a significant increase from the previous week’s “extreme fear” score of 33.
This recent price surge has led to speculation about the potential for Dogecoin to replicate its previous performance, reaching an all-time high of $0.73 a year after the previous Bitcoin halving in May 2021. Notably, Dogecoin surged to its all-time high on May 8, 2021, a year after the 2020 Bitcoin halving.
Based on historical patterns, it is posited that Dogecoin’s price could potentially reach a new all-time high in April 2025. However, applying technical analysis to memecoins like Dogecoin remains challenging due to their speculative nature.
Read Also: Robinhood Moves a Whooping 2.7 Trillion Shiba Inu as SHIB Prepares for a Comeback
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Dr. Olajide Samuel juggles the demands of medical studies with a passion for cryptocurrency. A seasoned blogger, Olajide shares his vast global knowledge of the crypto space, offering insights to enthusiasts. Despite his busy schedule, his commitment to crypto remains strong, and he actively seeks ways to contribute to its future.
