The largest memecoin Dogecoin (DOGE) reaching the highest price in 34 days has increased interest among investors. On July 20, DOGE's price made a significant breakout, leading to a rise. However, some analysts are skeptical about the sustainability of this rise.
Dogecoin's Rise
Anonymous crypto analyst Shelby stated in a July 20 X post that DOGE made a valuable breakout and is ready for an aggressive upward move. Shelby advised closely monitoring other memecoins like Floki (FLOKI) and Shiba Inu (SHIB) as their prices tend to rise following DOGE's price increases.
Other crypto analysts Cheds and CryptoBoss highlighted the dip breakout in Dogecoin's price and confirmed that DOGE made a breakout. DOGE is currently trading at $0.1336 and has risen by 18.82% in the last seven days.
Another crypto analyst Magnate warned his followers, "Don't fall for FOMO, a potential pullback will offer a lower price." The analyst expects the price to drop to $0.1194, which would liquidate approximately $47.23 million in long positions.
The recent rise in DOGE's price has sparked speculation that the memecoin could reach its all-time high of $0.73, achieved after the third Bitcoin block reward halving in May 2021. If this pattern repeats, the memecoin's price could reach a new peak in April 2025.
Open Interest Reaches July's Highest Level
Meanwhile, Dogecoin's Open Interest (OI) reached its highest level in July, rising by 19% in the last four days to $647.19 million. This data provided by CoinGlass indicates a significant increase in investor interest in DOGE.
The increase in OI and the rise in price came after a significant change in the market sentiment indicator. Accordingly, the Crypto Fear and Greed Index shows that market sentiment has greatly increased. This indicator tracks investor sentiment in Bitcoin and other cryptocurrencies and is currently at the "Greed" threshold, at 74. Just last week, the indicator was at the "Extreme Fear" threshold, at 33.
