Dogecoin Price Skyrockets 15% as DOGE Open Interest Surge – Is This the Beginning of a Bull Run?

Highlights:

• Dogecoin price surges 15% as the crypto market led by Bitcoin flips bullishly.
• Interest in Dogecoin futures rises, signaling growing investor confidence.
• Dogecoin price breaks above the $0.142 resistance, as the bulls target $0.2 in the near term.

The cryptocurrency market is ticking off the UPTOBER surge, as the king of cryptocurrencies (Bitcoin) is back at the $71,000 mark, its highest level since June. This bullish momentum is building up to meme coins, including Dogecoin, boasting a bullish outlook. DOGE has skyrocketed 15% in the past 24 hours, with DOGE/USD trading at $0.16.

The growing interest in the meme coin has seen the trading volume spike 137% to $3.78 billion, suggesting increased market activity. Meanwhile, DOGE’s recent surge in trading activities suggests a positive sentiment in the market. Coinglass data upholds a bullish outlook in the Dogecoin market as the open interest surges. The rise in Open interest suggests that new money is flowing into the market, indicating a strengthening trend, which might lead to significant price movements. 

Dogecoin Statistical Data

Based on CoinmarketCap data:

• DOGE price now – $0.1649
• Trading volume (24h) – $3.78 billion
• Market cap – $24.17 billion
• Total supply – 146.57 billion
• Circulating supply – 146.57 billion 
• DOGE ranking – #8

Dogecoin Price Breakout Above a Bullish Flag

As predicted on October 28, the Dogecoin price has broken out of a bullish flag. Many crypto analysts speculate that DOGE could repeat the significant bull runs it witnessed in previous cycles, in 2017 and 2021. This supposition is grounded in the similarity between past price patterns and current trends, as highlighted in a recent analysis of Master Kenobi.

💥 #DOGE $0.16
It was easy, because it was obvious all the time. pic.twitter.com/4LZlQZCRjR

— Master Kenobi (@btc_MasterPlan) October 28, 2024

The rent upswing has seen the bulls break above the technical barrier at $0.142. The bulls seem to uphold the splendid bullish muscle, as the golden cross has also formed in the market. Moreover, the Dogecoin price is trading above vital bullish indicators, including the 50-day and 200-day SMAs, at $0.142 and $0.123, respectively. Meanwhile, a daily close above $0.165 may pave the way for the memecoin to reach $0.185, pushing the price to $0.2 in the near term. 

Based on the Relative Strength Index(RSI), it has climbed from support at the mid-line (50), jumping into the overbought area, almost hitting an 80-level strength. Traders won’t have to worry about sudden pullbacks with the RSI above 70, but this position also means a correction is imminent. 

The Moving Average Convergence Divergence (MACD) indicator upholds the bullish picture with a buy signal. This call to traders to rally behind DOGE manifested with the MACD line in blue, crossing above the orange signal line. As the momentum indicator gradually ascends above the mean line (0.00) into the positive region, the path with the least resistance stays on the upside.

Dogecoin Price Prediction

The DOGE bulls have put their best foot forward in the market, clearing the seller congestion. Meanwhile, if the buying appetite increases at this level, DOGE will reach $0.185 in the near term. On the downside, the RSI indicator is currently overbought, which cautions traders of a potential correction.

In other words, if a price correction commences, the $0.1472 support area will absorb the potential selling pressure. Increased selling pressure will cause the price to dwindle; however, the $0.1422 coinciding with the 50-day SMA will cushion against further losses.