Dogecoin Shows Bullish Momentum Near Key Support
Key Takeaways
- Dogecoin (DOGE) is currently trading near a key support zone.
- Technical indicators and market volume suggest a potential price rally.
- A rise to $0.22 USD is realistic, with the potential to reach $0.38 USD under favourable market conditions.
- Derivatives and spot markets show increasing buying interest.
Technical Outlook: Support Zone in Focus
Dogecoin has recently reached a significant support level – the so-called ascending trendline. This zone has triggered strong price movements in the past. If the pattern repeats, DOGE could rise to $0.22 USD in the short term. With continued momentum, a further increase toward $0.38 USD is possible. This level represents a high-liquidity area and serves as a target price.
Derivatives Market Shows Bullish Tendencies
Interest in the derivatives market is noticeably increasing. Two key metrics – the open interest-weighted funding rate and the volume-based funding rate – currently sit at 0.0071%. These values indicate positive market sentiment. Notably, trading volume has risen by 16.12% within 24 hours to $2.93 billion USD. Even more striking is the increase in options volume: up 87.59%.
Open interest represents all open positions in the market. An increase means more traders are actively holding positions – in this case, predominantly long positions, or bets on rising prices.
Spot Market Adds Additional Buying Momentum
The spot market – i.e., direct trading of DOGE – also shows increased activity. In recent days, DOGE purchases totalled $8.9 million USD. These purchases come from traders acquiring DOGE directly rather than via leveraged products. This indicates genuine interest rather than short-term speculation.
Another signal: the ratio of long to short liquidations shows that sellers are currently taking heavier losses. In total, short traders have lost $630,000 USD. This suggests that buyers are willing to accept higher prices – a sign of upward pressure.
What Could Drive the Price Further?
For DOGE to continue rising, several factors need to align:
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- The price must sustainably break above the $0.22 USD level.
- Trading volume should continue to rise – both in the spot and derivatives markets.
- Market sentiment needs to remain positive, especially among institutional traders.
If DOGE meets these conditions, a further rise toward the next resistance zone at $0.38 USD is conceivable. However, stronger selling pressure could emerge at that level.
Our Assessment
DOGE currently shows clear signs of a potential upward movement. The combination of technical support, increasing volume, and positive market sentiment supports a price increase. In the short term, the target is $0.22 USD. If this level is breached, $0.38 USD becomes a realistic target.
As a trader, however, you should keep in mind: the market remains volatile. Base your decisions on solid analysis and closely monitor trading volume developments. At present, DOGE is particularly interesting for short-term investors with a higher risk appetite. Long-term investors should wait to see if the upward trend is confirmed.
| Symbol | DOGE |
| Coin type | Alt Coin |
| Transaction Speed | Medium |
| Pros |
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| Cons |
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| Further practical applications | |
| Price | $0.15 |
| 24h % | -3.85 % |
| 7d % | 4.18 % |
| 30d % | -10.27 % |
| 60d % | -45.11 % |
| 1y % | 0.80 % |
| Market Cap | $22,780,885,495.00 |
| Official Links | Website | Source Code |
| Socials | Reddit | X |
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