Dogecoin Price Targets $0.17 Breakout As Open Interest Spikes 47% in July

Highlights

As per Coinmarketcap, the top meme coins hold a market cap of $49.7 Billion.
A triangle pattern drives the current consolidation in DOGE price to regain strength from the recent rally.
The 24-hour trading volume in Dogecoin is $1.122 Billion, indicating a 69% gain.

Dogecoin price experienced an increase of 3.2% over the last day, further extending the modest gains made on Sunday. As it rises together with Bitcoin, the leading digital asset, there’s potential to stabilize market sentiment and rejuvenate the waning bullish momentum for a stronger rally. Currently, with Dogecoin at the lower support of a newly forming triangle patter, there may be a possible opportunity for a breakout rally.

Also Read: Bitcoin Price Dips to $67K Despite Pro-Crypto Remarks from Trump, More Correction Ahead?

Dogecoin Price: Triangle Pattern Hints at Uptrend Continuation

Over the past four months, Dogecoin, the popular dog-themed memecoin, has experienced a steady downtrend, shaped by a wedge pattern with prices fluctuating between two descending trendlines. During this time, the Dogecoin price plummeted from a high of $0.228 to a low of $0.091, resulting in a significant 60% decline.

Amid July market recovery, the Dogecoin price made a sharp rebound, breaking through the pattern’s resistance on July 20th, signaling a potential trend reversal and providing a robust base for a potential rally.

The data from derivatives market data provider CoinGlass shows a notable trend in DOGE Futures Open Interest. From a July low of $492 million, Open Interest has surged to a current value of $706 million, reflecting a significant 42% increase.

This growth indicates an escalating interest and bullish sentiment among traders regarding Dogecoin’s future market movements.

Also Read: Senator Cynthia Lummis Unveils Major Pro-Bitcoin Bill At BTC Conference

Currently, the DOGE price forecast shows a consolidation breached trendline, stabilizing before potentially breaking out again. A closer look at the 4-hour chart reveals the price moving within two converging trend lines, forming a triangle pattern. Dogecoin trades at $0.129 with a market cap of $18.8 billion. Following this pattern, it might drop another 5% to retest the triangle’s support.

After this brief consolidation, Dogecoin is poised to potentially break through the triangle and continue its upward trajectory. With continued buying support, the post-breakout rally could aim for targets of $0.15 and then $0.175.

Technical Indicator

EMAs: The flattish 200D Exponential Moving Average hints the broader trend is sideways. However, a golden crossover between the 50-and-200-day EMA would intensify the bullish momentum.

RSI: The daily Relative Strength Index slope at 54% indicates a neutral to positive market sentiment among market participants.

Frequently Asked Questions (FAQs)

1. What is "Open Interest" in the futures trading

Open Interest refers to the total number of outstanding futures contracts that have not been settled. It provides an indication of the money flowing into a market and can reflect the strength or weakness of a particular asset.

2. What is a "Golden Crossover" in technical analysis?

A Golden Crossover occurs when a short-term moving average crosses above a long-term moving average. In this case, if the 50-day Exponential Moving Average (EMA) crosses above the 200-day EMA, it suggests a bullish signal.

3. Will DOGE surpass $0.15 mark?

The breakout from a 4-months correction lead by wedge pattern signals a higher potential for trend recovery. However, the ongoing triangle pattern may offer additonal confirmation if breached on upside

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Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

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