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Dogecoin Price Targets $0.15 Breakout As Open Interest Spikes 42% in July

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On Sunday, the Dogecoin price experienced a minor decline, tempering the recovery gains seen earlier in the week. As it consolidates in line 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 down 1.9%, it’s approaching the lower support of a newly forming triangle pattern, indicating 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.

BINANCE:DOGEUSDT Chart Image by sahilmahadik07BINANCE:DOGEUSDT Chart Image by sahilmahadik07

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.

DOGE Futures Open InterestDOGE Futures Open Interest
DOGE Futures Open Interest| Conagall

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)

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.

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.

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 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

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Dogecoin (DOGE) Leads Crypto Market Resurgence With Explosive Move As Traders Eye $1 Price Target

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Dogecoin (DOGE) is in the middle of an explosive move, running more than 160% in less than a week as one of the main beneficiaries of the bounce in crypto markets.

DOGE is up 107% in the last week after adding $30 billion to its market cap in one day.

With DOGE gaining momentum, traders and analysts in the space are eyeing the top memecoin’s next move, focusing on the psychological $1 level.

Pseudonymous crypto trader Kaleo tells his 656,000 followers on the social media platform X that DOGE is now due for some chop and then a “flush” down, potentially below the $0.30 level before continuing higher.

“General PA (price action) here makes sense to me.

Chop under meme resistance (0.42069) for a minute, have one flush back down to high 20s / low 30s to shake out late longs and fomo (fear of missing out) top buyers, then continue to rip.”

Image
Source: Kaleo/X

Ultimately, Kaleo sees DOGE reaching the $1 mark, currently about a 170% rally.

“Roadmap to $1.00.”

Image
Source: Kaleo/X

Legendary commodities trader Peter Brandt recently accurately called DOGE’s breakout from an inverse head and shoulders (H&S) after breaking out of a channel. Brandt says a break of all-time highs – above $0.73 – is imminent.

“In Musk we Trust

DOGE confirms channel breakout with massive underlying price accumulation and new ATHs around the corner.”

Image
Source: Peter Brandt/X

Other veteran traders like the widely followed Bluntz have also called for $1 DOGE, saying that the crucial dollar level is “not the meme you think it is.”

Some analysts aren’t as confident in DOGE. Pseudonymous trader Donalt recently addressed his 595,000 followers on X warning that Dogecoin was a “coin of old” not likely to gain the attention of new retail market participants.

At time of writing, DOGE is trading at $0.37.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Will Dogecoin Price Soar To $1.8 After Clearing A 3-Year Resistance?

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Dogecoin price recorded 43.4% extended gains over the last 24 hours and is now trading at $0.4050. This increase follows Bitcoin’s aggressive surge to a new all-time high of $89,561. Moreover, the price rise has resulted in a breakout of a 3-year resistance level, which could catapult DOGE’s price back to its previous all-time high and higher, potentially to $1.8.

Dogecoin Price Soars Amid Bitcoin Price Explosion

Following BTC’s price surge, Dogecoin now sits at a $53 billion market cap, just below BNB (BNB). This is the highest DOGE price in the last 3 years and is just about 2X away from reaching its previous all-time high. The next leg up from here could see the dog-themed meme coin displace BNB and Solana (SOL) and be the fourth-largest crypto asset by market cap.

DOGE is the best performer among the top 10 crypto assets (excluding stablecoins). It has gained 252% in the last 30 days, followed by Cardano (ADA) at 66%. XRP (XRP) was the worst-performing asset in the top 10 in the last month, gaining only 12%.

Will Dogecoin Price Soar To $1.8 After Clearing A 3-Year Resistance?Will Dogecoin Price Soar To $1.8 After Clearing A 3-Year Resistance?

Dogecoin Eyes Additional Gains Back To ATH

After breaching the $0.35 resistance, Dogecoin’s price has little obstacle ahead. The path to the previous all-time high is clear, and on-chain metrics support an extended move higher. Coinglass data shows over $320 million worth of Longs compared to only $20 million Shorts across Binance, OKX, and Bybit. This imbalance suggests bullish sentiment dominates the market, and Dogecoin may surge higher.

Will Price Soar To $1.8 After Clearing A 3-Year Resistance?Will Price Soar To $1.8 After Clearing A 3-Year Resistance?

IntoTheBlock data indicates that 95.25% of Dogecoin investors are in profit, with only 0.02% in loss and 4.73% at the money. This figure could quickly change as the Dogecoin 24-hour trading volume has increased by 26% per Coingecko data, suggesting that investors are still buying into the project.

Will Dogecoin Price Soar To $1.8 After Clearing A 3-Year Resistance?Will Dogecoin Price Soar To $1.8 After Clearing A 3-Year Resistance?

Dogecoin Eyes New All-Time High At $1.8

Based on the current volatility in Dogecoin price action, market observers project that DOGE could surge above $1 by the end of the year. The DOGE chart shows a strong upward breakout from a prolonged accumulation phase, pushing above the major resistance levels around $0.23 and $0.35. The next major resistance is around $0.7605, a level that DOGE last reached during its peak in 2021.

Will Dogecoin Price Soar To $1.8 After Clearing A 3-Year Resistance?Will Dogecoin Price Soar To $1.8 After Clearing A 3-Year Resistance?
Dogecoin Price Analysis Chart

Dogecoin price forecast shows the asset might be entering an impulsive wave, potentially targeting higher resistance levels in the next bullish wave. If this rally sustains, it could push toward $0.76 as the final target within this wave.

Frequently Asked Questions (FAQs)

Dogecoin surged 27.9% after breaking a 3-year resistance level, following Bitcoin’s new all-time high of $89,561.

Yes, Dogecoin is just 2X away from its previous all-time high. The current breakout suggests it could target $1.8 in the next rally.

Market data shows strong bullish sentiment, with $320 million in Longs vs. $20 million in Shorts across major exchanges.

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Evans Karanja

Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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‘Just Getting Started’ – Analyst Unveils Big Dogecoin Target, Sees ‘Crazy Bullish’ Chart for Ethereum-Based Coin

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An analyst known as a “Master Trader” on the crypto exchange Bybit believes that furious rallies are in sight for the top memecoin Dogecoin (DOGE).

Pseudonymous analyst Bluntz tells his 287,200 followers on the social media platform X that DOGE looks incredibly bullish after breaking out from an Adam and Eve double-bottom pattern against Bitcoin (DOGE/BTC).

The bullish structure suggests that DOGE/BTC has printed a major bottom and is poised to start a new uptrend.

“Tried to warn you all.

Crazy to think this thing is still just getting started.”

Image
Source: Bluntz/X

A bullish DOGE/BTC chart suggests that Dogecoin is in a position to outpace Bitcoin’s gains.

Looking at DOGE against the US dollar, Bluntz believes that the altcoin has the fuel to skyrocket over 260% from current levels.

“If only someone had been banging the DOGE drum for some time now.

$1 is not the meme you think it is.” 

Image
Source: Bluntz/X

At time of writing, Dogecoin is trading for $0.277, up over 27% in the past day.

Bluntz also has his radar locked on Ethena (ENA), a synthetic dollar protocol on Ethereum (ETH). According to the analyst, ENA is in the midst of a bullish reversal after breaking out from an inverse head-and-shoulders (IHS) pattern.

The breakout from the technical pattern suggests that ENA has fully entered bull territory.

Says Bluntz,

“ENA is a crazy bullish high timeframe chart, we see huge volume confirming the IHS breakout is real. BTC making all-time highs. 

Setups like this feel like easy plays for multiple Xs.”

Image
Source: Bluntz/X

At time of writing, ENA is worth $0.55.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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