Dogecoin Price Trends and Market Predictions
Release: 2024/05/07 10:10 Reading: 349
Dogecoin Price Trends and Market Predictions
Dogecoin's (DOGE) price has rebounded significantly from its early May low of $0.12, demonstrating a notable recovery. While DOGE remains below the $0.16 level, it has the potential to surpass this threshold in the near future.
Will Dogecoin's Price Rise?
Dogecoin's price appears to be trending upward as investors initiate long positions, resulting in an increase in open interest of almost $200 million over two days.
Open interest represents the total number of outstanding derivative contracts at a given time, providing insights into market activity. It also reflects the volume of active positions, indicating market sentiment and liquidity.
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The surge in open interest may be attributed to both long and short positions. However, the positive funding rate suggests that the increase is primarily driven by long positions.
The continuation of recent recovery trends and the fact that 83% of the circulating DOGE supply is in a profitable position indicate that a price rise is imminent. While a higher profitability rate can signal potential sales, Dogecoin is currently far from a market peak.
For DOGE to reach a peak, a scenario where 95% of the supply is profitable would need to occur.
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What Will Dogecoin's Price Be?
Dogecoin's price is once again facing the $0.16 resistance level, which it has tested several times in the past. If this level is breached and becomes support, DOGE's price could rise to $0.18.
Overcoming this resistance could trigger a 25% rally, compensating for recent losses.
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On the other hand, if this resistance remains unbroken, Dogecoin's price may decline to $0.15. Losing this support could push the meme coin down to $0.12, invalidating any bullish scenarios.
Source: COINTURK NEWS
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