Dogecoin (DOGE) Open Interest (OI) Surges as the Market Turns Greed, Targeting $0.30 in the Coming Weeks

Following renewed optimism from investors and traders, Dogecoin, the largest dog-themed meme coin in the crypto market has witnessed a surge in its

.30 in the Coming Weeks" >

Dogecoin (CRYPTO: DOGE) enthusiasts are buzzing with optimism as the dog-themed meme coin has seen a surge in its open interest (OI), coinciding with a recent price uptick.

What Happened: Trading platform and analyst TOBTC shared the latest development on X (NYSE:TWTR) (formerly Twitter), garnering positive attention from Dogecoin supporters within the crypto community.

As per the analyst's observation, since DOGE hit a 34-day high on July 20, the market traders' interest in the crypto asset has surged, leading to a 19% spike in open interest.

At the time of the X report, the open interest in DOGE rose to almost $647.19 million, marking the highest level since the beginning of July. However, the figure is currently valued at $742.21 million, as per Coinglass.

With the substantial rise in open interest, it appears that DOGE traders are ramping up their positions following the recent price spike to its highest level in the past month.

Dogecoin's price surge on Saturday saw the meme coin garner a gain of up to 18%, reaching about the $0.133 level.

The price increase comes as the market sentiment is now heavily skewed towards "Greed," suggesting that the broader crypto market is becoming more bullish.

However, despite the optimistic sentiment, TOBTC also highlighted that several crypto experts are warning about potential pullbacks for DOGE, indicating the volatility associated with digital assets.

TOBTC also noted the price rise in Dogecoin amid heightened speculation about September interest rate cuts and hopes for a possible pro-crypto stance from Donald Trump, should the former president win the upcoming United States Presidential election, scheduled to be held in November.

As DOGE continues to display this recent bullish momentum, market traders and analysts are keeping a close watch on the digital asset for further movements, while anticipating a new all-time high in the short term.

DOGE at $0.30 Could Happen In The Coming Weeks: A crypto analyst and enthusiast, known as World of Charts, has shared their analysis on the recent bullish move by DOGE, predicting that the meme coin could be approaching the $0.30 level soon.

According to the expert, DOGE is currently running a 25% profit while breaking another resistance of the falling wedge retesting process. As a result, the analyst believes that if the retest is successful, DOGE could reach $0.30 in the coming weeks.

At the time of writing, data from CoinMarketCap showed that DOGE's price managed to maintain its bullish rise, trading at $0.138, showcasing an increase of over 5% in the past day. Its market cap and trading volume also rose by 5.14% and 41%, respectively, in the past day.

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