Dogecoin (DOGE) has reached a one-month peak in open interest, with the sharp increase in recent days.
As Bitcoin gains upward momentum, traders are increasing their Dogecoin positions. However, not everyone is fully convinced of this bullish model.
“It looks like DOGE is poised for an aggressive rise,” crypto analyst Shelby wrote in an X post dated July 20. Before DOGE's explosion, other altcoins such as FLOKI and SHIB began to follow, rising by 37% and 3.89% respectively.
Cryptocurrency experts Cheds and CryptoBoss made an evaluation, stating that Dogecoin experienced an explosion with its technical formation. In the last seven days, DOGE is trading at $0.1336, up 18.82%. However, cryptocurrency investor Magnate warned his followers that they should not get caught up in FOMO (fear of missing out), withdrawals may be possible. A pullback in DOGE to $0.1194 could lead to a liquidation of approximately $470,230 in long positions.
According to CoinGlass data, Dogecoin reached its highest level of open interest (OI) across all exchanges in July, rising 19% in four days to $647.19 million.
The increase in price follows Dogecoin's record high of $0.73, reached a year after the previous Bitcoin halving in May 2021. If this pattern repeats, it is predicted that Dogecoin price could reach a new all-time high in April 2025.
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I EXPLAIN IN DETAIL.
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