Dogecoin Price Prediction as Open Interest Hits 10-Week High Amid Looming Wedge Breakout

Dogecoin (DOGE) price is up by 0.4% today, August 11, to trade at $0.070 at the time of writing. These gains come as Dogecoin’s open interest rises to its highest level since June while the price forms a falling wedge pattern on the daily chart.

Despite the rising OI, Dogecoin ETFs have now seen four straight days of outflows as institutional demand for the biggest meme coin weakens.

Dogecoin’s Open Interest Hits 10-Week High

Data from Coinglass shows that Dogecoin’s open interest has surged to $1.17 billion today, August 11, with this being the highest recorded open interest since June 3 2026.

The OI is rising on optimism that the Federal Reserve might not hike interest rates at the September FOMC meeting. Data from prediction markets shows that 57% of traders expect the Fed to leave interest rates unchanged at between 3.50% and 3.75%.

The OI also coincides with a gain in Dogecoin’s funding rate to 0.0095%, suggesting that long traders are willing to pay a fee to maintain their bullish bets on Dogecoin.

CoinGlass data also shows that the long/short ratio for Dogecoin has reached 2.72 on Binance and reached 5.11 on OKX, suggesting that a majority of the futures traders trading Dogecoin on the two exchanges expect the price to gain.

Dogecoin Eyes Falling Wedge Breakout Amid Weakening Bearish Pressure

The price of Dogecoin has moved to the resistance at the upper trendline of a falling wedge. This pattern usually emerges when the momentum is about to change to a bullish one.

The RSI line that is printing higher lows also supports a bullish long-term Dogecoin price forecast. It suggests that bears are losing their grip after buying pressure outpaced selling pressure for two straight days.

The AO bars that are green also suggest that the bearish momentum is becoming weak.

If Dogecoin closes above the resistance at $0.070 for three straight days, the price could gain by 10% and reach $0.077.

But if Dogecoin does not close above $0.070 and falls back to the wedge pattern, the price could drop to test support at $0.068.

DOGE ETF Flows Signal Weak Institutional Demand

Data from SoSoValue shows that there is weak demand for Dogecoin ETFs that have failed to match the recent surge in weekly crypto ETF inflows to $1 billion.

These ETFs have posted zero inflows in the last four straight days since August 5. A previous CoinGape Dogecoin price analysis also noted that DOGE ETFs had their worst month since launch in July.

Still, asset manager T.Rowe notes that meme coin ETFs are still necessary because they give traders access to a well-balanced portfolio.

Per the head of digital assets at the firm, Blue Macellari, omitting meme coins from crypto ETFs denies investors a chance to profit if the coins gain.