DOGE signals a potential trend shift following the recent trend of increasing open interest. The meme token is still hovering below $0.10, but raises hopes of a breakout.
DOGE’s open interest has risen to over $629 million across all markets, with a strong increase in positions on Binance.
The token traded at $0.098 last day, reaching a net growth of 8.5% over the past month. The currency also briefly rose above $0.10 for the first time in 10 days.
The recent surge in open interest indicates Doug It may make a more dramatic move, driven by derivatives traders. The meme coin is also showing signs that it has not been completely forgotten, and may still spark a period of more active trading.
Binance led the expansion in Open interest DOGE, adding $100 million in the past five days. From April 23 onwards, DOGE’s open interest rose to 3.23 billion coins, up from 2.31 million coins.
DOGE’s recent price growth does not match the surge in open interest. In the past few weeks, DOGE has seen several accumulations of open interest before subsequent liquidation. Therefore the recent rise in open interest remains a risky move in the short term, and not a sign of a sustainable recovery.
DOGE is still on hold
Based on the Relative Strength Index (RSI), DOGE is in Hold mode. The old meme coin is rising on its own sentiment, while other meme assets are still in the doldrums.
dog RSI Still, it rose over the past 24 hours to more than 55 points, showing a possible scenario for a return of investor interest. DOGE is in the middle of the range in terms of RSI, tracking BTC sentiment. However, the token shows higher demand compared to even XRP and SOL.
DOGE also does not move based on mindshare, as it is a relatively old asset with mainstream and insider exposure to cryptocurrencies. The recent surge in open interest does not coincide with the hype on social media.
DOGE remains range bound
DOGE is trading similarly to old altcoins and memes that are no longer leading the way in mindshare. The asset still has an active derivatives market, where directional bets can generate gains.
Based on the Binance liquidation heatmap, the value of DOGE ranges between $0.094 and $0.104. A short squeeze may only move the price above $0.10 before the positions are closed or liquidated.
Currently, DOGE’s price action has not caused a major liquidation and is not among the most liquid tokens. Overall, DOGE shows silent movement behind the scenes.
DOGE was not affected by Litecoin’s recent reorganization, I mentioned By Cryptopolitan. The attack did not convert any DOGE to spot trading, and only affected limited use cases of LTC.
DOGE’s recent rally above $0.10 comes on the heels of recent whale accumulation, where… $2.5 billion The value of DOGE has moved from Robinhood to private wallets. In addition, 26B Doge I moved from the hot Upbit wallet to other markets. DOGE still exists 29K Daily active users and has been used as a tool to transfer funds between exchanges.
