The Dogecoin price pumped 8% in the last 24 hours, trading at $0.083665 as of 4:30 am EST.
On Friday, the open interest in Dogecoin (DOGE) futures, which indicates unsettled futures bets, surged to over 7 billion DOGE tokens. The value of these positions stands at approximately $600 million.
🚀 #Dogecoin futures trading interest has soared over 40% in the last 24h, hitting levels not seen since April, alongside a 12% $DOGE price hike! Open interest is now 7B DOGE ($600M), with Binance leading. Is this a bullish signal or a bearish risk? 🌕🐕 #Crypto #DOGEFutures
— BlockVoyager (@BlockVoyagerAIO) November 17, 2023
This increase in open interest indicates that traders are increasingly holding onto their Dogecoin futures. It reflects a strong belief in the future potential of Dogecoin. The current levels are similar to the bullish phase seen in April, hinting at a resurgence of optimism in Dogecoin.
Dogecoin Price Surges Past $0.072, Maintains Upward Momentum
DOGE is set to sustain its upward momentum, surpassing the $0.072 threshold and returning to this level for the first time since August 2023.
The $0.58 support zone has provided a strong ground for the bulls to drive the prices up, breaking the descending wedge pattern and retesting the 200-day simple moving average. This bullish, solid momentum has propelled the price above the $0.075 resistance level.
After bouncing back from the $0.066 support, the price surged to a peak of $0.082. However, the bulls faced rejection, retreating to $0.072, where they gathered up force, pushing the price to $0.087, marking a significant 19% increase.
The 200-day simple moving average provides crucial support for Dogecoin, and the price has crossed above both the 50-day and 200-day SMAs. confirming the bullish sentiment for the DOGE price.
The relative strength index (RSI) has shown a slight decrease from an overbought level but remains in a bullish trend, trading at 66. However, after the recent price jump, the RSI returned to the overbought region, trading at 72.
This indicates intense buying pressure for DOGE, and if the bullish trend continues, there is potential for the RSI to enter the overbought zone.
Dogecoin Price Poised To Reach $0.1475 Level
The bullish trajectory of DOGE price targets the $0.1475 level by the fourth quarter of 2023, with support from RSI and SMA indicators. Should the current bullish momentum continue, bulls can capitalize on it and push the price beyond $0.15.
Conversely, the $0.095 may provide resistance for the bulls to penetrate, allowing the bears to correct the price to the $0.082 support zone. A candlestick break below this level could see the bulls find a haven at $0.072.
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