Dogecoin Open Interest Surges Past $3B as DOGE Price Eyes $0.24 Breakout Target

Key Notes

• Futures open interest climbed 2.63% above $3.01 billion while trading volume fell 8.9%, indicating traders held leveraged longs.
• Technical analysis shows DOGE testing moving average resistance at $0.206 with RSI recovering from oversold conditions to 46.70.
• Breaking above $0.21 could trigger rally toward $0.24 resistance zone, while failure may push price back to $0.188 support.

Dogecoin DOGE $0.21 24h volatility: 2.7% Market cap: $30.83 B Vol. 24h: $1.73 B price surged 4% on Monday, August 4, reaching $0.206 after dipping to $0.19 over the weekend. This move was accompanied by a strategic bullish action in the Dogecoin futures markets, signaling more gains ahead.

According to Coinglass, Dogecoin Open Interest rose 2.63%, surpassing $3.01 billion, while futures trading volume dropped by 8.9%. The declining volume indicates that most DOGE traders chose to hold their leveraged long positions in the last 24 hours.

These dynamics suggest that bullish traders who held their leveraged long DOGE positions through the weekend are now sitting on notable gains.

Top trader data also reflects this positive shift in market sentiment, with Binance DOGE/USDT long/short accounts at 2.7693 and OKX DOGE long/short accounts reaching 3.89. Meanwhile, top Binance DOGE trader long/short positions stand at 2.8642.

These elevated long/short ratios amid over $100 million in intraday capital inflows confirm that top traders are overwhelmingly positioned for upside, further supporting the DOGE price recovery narrative.

Dogecoin Price Prediction: Can DOGE Hold Above $0.21 for a Breakout Toward $0.24?

Dogecoin price has rebounded 10.75% in two days, clawing back half of the 20% losses from last week. Technical indicators now show DOGE price testing the 5-day simple moving average (SMA) at $0.201, with the upper wick of the daily candle pressing against the 8-day SMA resistance at $0.206.

If DOGE breaks above the 13-day SMA at $0.20958, this could open the path toward a retest of the $0.24 resistance zone and confirm a full recovery from the recent downtrend.

Further validating the bullish narrative, Dogecoin RSI currently stands at 46.70, up from a weekend low of 39, signaling neutral momentum with room to run before overbought conditions. Conversely, if DOGE fails to close above $0.21 in the next 24 hours, sellers could resume control. A rejection could send the price back toward the $0.188 zone.

In summary, the current Dogecoin price setup favors the bulls short-term, but needs sustained consolidation above the $0.21 area to reclaim higher ground toward $0.24.

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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

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