Dogecoin Open Interest Surpasses $500 Million
The open interest for Dogecoin has reached over $500 million, according to data from CoinGlass. This indicates the total amount of money investors are putting into DOGE derivatives. Historically, when open interest increases, the price of Dogecoin tends to rise. The open interest has been steadily increasing since October, starting at $226 million and reaching a high of $375 million before crossing the $500 million threshold in November.
Delayed Rally Could Push DOGE Price Above $0.2
Despite achieving new milestones and network growth, the price of Dogecoin has not performed well compared to other altcoins. However, this may indicate that a delayed rally is on the horizon. In the past, Dogecoin has rallied independently from the general crypto market trend. As the market recovery slows down, it could be an opportune time for Dogecoin to shine.
Analysts suggest that if Dogecoin can overcome significant resistance at $0.87, it could easily double in price and reach the $0.2 target.
Hot Take: Is Dogecoin Ready for a Resurgence?
The open interest in Dogecoin has soared above $500 million, signaling increased investor activity in DOGE derivatives. Despite its lackluster performance in recent months, there are indications that a delayed rally could be on the horizon for Dogecoin. As the crypto market recovery slows down, Dogecoin may have an opportunity to break free from the general trend and experience a surge in price. If Dogecoin can overcome significant resistance at $0.87, it has the potential to double in price and reach the $0.2 target. Keep an eye on this meme coin as it could make a comeback soon.
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