As #DOGE Aims For $0.3, Dogecoin Metrics Witness #Bullish Reversal
After a unique sequence of price events last week, Dogecoin is now trying to plot its course for the remainder of the month. Almost 20% of the meme token's worth evaporated in only a few days, as its value dropped from $0.2099 to $0.1689 last week.
On the other hand, many on-chain measures began to indicate a complete turnaround into positive momentum over the weekend, so it seems that DOGE investors are aiming for a different move this week.
There is a lot of purchasing pressure on DOGE due to the volume. The price of DOGE has risen by more than 6% in the previous 24 hours, or $0.208, thanks to the increasing purchasing.
The open interest in Dogecoin has increased to $1.74 billion, a significant jump of roughly 10.15% over the last 24 hours, suggesting that more traders are adding DOGE to their portfolios. As traders expect more increases throughout the week, the spike in open interest implies that Dogecoin's positive turnaround from last week's price decrease may have enough momentum.
Increased Belief in DOGE Signaled by Whale Accumulation According to on-chain statistics, DOGE whales have been buying up Dogecoins recently, and over the weekend, they dumped a lot of them from cryptocurrency exchanges. As an example, three private wallets received 304,000,000 DOGECOINS, valued at $52.3,000,000, from the cryptocurrency exchange Binance, as reported recently by Whale Alerts.
Bitcoin Drops to $0.3?
Trading at $0.2076 as of this writing, DOGE has recovered from last week's low of $0.16. Interestingly, the metrics that were stated increasing happened at the same time that DOGE was trying to break through the $0.20 resistance level over the weekend.
Now that the cryptocurrency has surpassed the $0.20 mark, $0.22 is the next objective for the bulls. There is widespread expectation among investors that DOGE will continue its ascent to $0.30 and beyond if it can maintain a price level above $0.22.
