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- Dogecoin’s Open Interest surged by 19% in the past 24 hours as traders bet heavily on the memecoin.
- DOGE bulls appeared to be dominating the asset.
Dogecoin [DOGE], the largest token of the crypto meme sector, has been continuously making waves in the realm of the crypto industry with its impressive performance.
Over the past few days, DOGE has registered a gain of over 45%, and now seems poised for another 50% rally in the coming days.
DOGE’s bullish speculation is based on its recent price action, significant interest from traders and investors, and positive on-chain metrics.
Dogecoin technical analysis and key levels
According to AMBCrypto’s technical analysis, DOGE was at a crucial resistance level of $0.223 at press time — a level it last reached in March 2024.
Source: TradingView
With the current price action and overall bullish market sentiment, it appears that DOGE could easily breach this level.
If the memecoin breaches this resistance and closes a daily candle above $0.226, there is a strong possibility it could surge by 50% to reach the $0.34 level in the coming days.
As of now, DOGE is trading above the 200 Exponential Moving Average (EMA) on a daily time frame, indicating an uptrend.
Whale and investor participation
In addition, the large transaction volume for DOGE has increased by 5.5% over the past 24 hours, according to data from IntoTheBlock.
This significant transaction volume indicates substantial participation from institutions and whales as the price approaches the resistance level, signaling a bullish outlook.
Examining all the parameters, IntoTheBlock indicates a bullish signal for Dogecoin.
DOGE’s rising Open Interest
On-chain analytics firm Coinglass, suggests that traders are also heavily betting on DOGE. According to the data, DOGE’s Open Interest has surged by 19% in the past 24 hours and has been steadily rising.
Source: Coinglass
This growing Open Interest suggests strong confidence in the meme coin and could support its upcoming rally.
When combining these on-chain metrics with technical analysis, it appears that bulls are currently dominating the asset.
Read Dogecoin’s [DOGE] Price Prediction 2024–2025
Current price momentum
At the time of writing, DOGE is hovering near $0.227 and has recorded an impressive gain of over 8.9% in the past 24 hours.
During the same period, its trading volume has increased by 43%, indicating significant participation from traders and investors as the price approaches the breakout level.
