In response to renewed optimism from investors and traders, Dogecoin, the largest dog-themed meme crypto coin, saw an raise in open interest (OI) and DOGE hit its highest price in over a month.
The total amount of derivative contracts, such as futures and options, is known as open interest. Hence the recent raise Open interest in DOGE suggests increased trader activity and growing market interest in the dog-themed meme coin.
Dogecoin price raise attracts investor interest
TOBTC Trading Platform and Analyst common positive development on the X platform (formerly Twitter), which attracted positive sentiment from Dogecoin enthusiasts in the cryptocurrency community. According to the analyst, since the DOGE price reached a 34-day high on July 20, the interest of exchange traders in the crypto asset has increased rapidly, resulting in a 19% raise in open interest.
At the time of X’s report, DOGE’s open interest had risen to nearly $647.19 million, its highest level since early July. However, the figure now stands at $742.21 million, According to to Coinglass.
Given the significant raise in open interest, it appears that DOGE traders are increasing their positions following the recent price rally to its highest level in the past month. Dogecoin price surges on Saturday it increased by 18%, reaching a level of around $0.133.
The price raise comes as the market is now very favorable towards Greed, suggesting that the entire cryptocurrency market is becoming more bullish. However, despite the hopeful stance, TOBTC highlighted that several crypto experts are warning of possible DOGE pullbacks, citing the volatility associated with the digital asset.
TOBTC as well recorded that the price of Dogecoin rose amid increasing speculation about interest rate cuts in September and hopes for a possible pro-cryptocurrency stance by Donald Trump should the former president win the upcoming US presidential election scheduled for November.
How DOG Amid the ongoing uptrend, market investors and analysts are closely watching the digital asset market for further moves while anticipating a fresh all-time high in the near term.
DOGE to $0.30 could happen in the coming weeks
Since the weekend price spike, several crypto analysts have shared their views on the bullish move. World of Charts, a crypto analyst and enthusiast, has Planned that given the recent price raise, DOGE could soon approach the $0.30 level.
According to the expert, Dogecoin It is currently trading at a 25% gain, while breaking through another resistance of the falling wedge retest process. As a result, the analyst believes that DOGE could reach $0.30 in the coming weeks if the retest is successful.
Data from CoinMarketCap shows that DOGE price has managed to maintain its growth, trading at $0.138, up over 5% over the past day. Its market capitalization and trading volume have also increased by 5.14% and 41% respectively over the past day.
Featured image from iStock, chart from Tradingview.com
