Experts Predict Bullish Shift for Dogecoin as Open Interest Crosses $6B

Crypto experts have predicted that the Dogecoin price could hit new highs. These projections come as open interest in DOGE derivatives hits the $6 billion mark. Bullish fundamentals, such as the Treasury firm and the upcoming ETF launch, also paint a bullish picture for the foremost meme coin. 

Experts Highlight Breakout Momentum Building for DOGE

The Dogecoin price has gained immense traction in the crypto market due to its bullish fundamentals. Many top experts have made strong calls stating the token could be set for an upward move.

In a recent X post, Crypto expert Trader Tardigrade noted that the coin had confirmed a breakout from a long-term triangle pattern on its weekly chart. According to his analysis, the breakout presents a rare 1:29 risk-to-reward opportunity that could see DOGE climb as high as $1.70.

Other market watchers echoed his remarks. For example, Ali Martinez flagged a buy signal for Dogecoin based on the TD Sequential indicator. He then urged traders to “buy the dip.” 

Meanwhile, Bitcoinsensus suggested that the timing of the first-ever meme ETF would ignite its next rally. The team argued that the listing could bring an influx of institutional capital into the token. They drew comparisons to the effect that Bitcoin and Ethereum ETFs had on their respective markets. 

Furthermore, Veteran trader Peter Brandt described Dogecoin’s rally as a “huge breakthrough.” His comments followed DOGE reclaiming the $0.30 mark for the first time in months.

Dogecoin Open Interest Hits $6 Billion

The token’s derivatives data has also experienced incredible growth. Dogecoin’s open interest has risen to over $6 billion, the highest level since December 2024, according to Coinglass data.

Rising open interest alongside price usually signals bullish momentum. This is because traders are committing more capital to new positions rather than exiting old ones. It could also mean leverage in the market is building, which can magnify both rallies and downturns.

To put it simply, a change in sentiment may cause liquidations. Nonetheless, given that its open interest is over $6 billion, the token may retest the $0.30 mark and see a spike in value in the coming weeks.

The optimism can also be tied to upcoming structural developments. For instance, asset manager REX-Osprey was set to launch a DOGE ETF last week. Bloomberg analysts Eric Balchunas and James Seyffart, however, revealed that the rollout was pushed back by a week. Upon launch, the product could legitimize the token in traditional markets.

Adding to its bullish momentum, Elon Musk’s personal attorney, Alex Spiro, is currently the Chairman of the Board of Dogecoin Treasury firm CleanCore. The company has already accumulated over 500 million DOGE, reaching halfway to its 1 billion DOGE treasury goal.

This is also contributing to the buying pressure that the foremost meme coin is currently witnessing. Meanwhile, the Fed is also expected to make a rate cut at the FOMC meeting this week, which is bullish for DOGE.