Dogecoin Open Interest Sees Sharp 24% Drop, Where Does Price Go From Here?
Release: 2024/08/06 18:34 Reading: 863
- Original author：NewsBTC
- Original source：https://www.newsbtc.com/?p=633353
Dogecoin Open Interest Decline: Implications for DOGE Price
Assessing the open interest of an asset provides insights into traders' actions toward it, and Dogecoin is no exception. Significant changes in open interest over time indicate traders' decision-making regarding positions in the asset.
Recent Dogecoin Open Interest Decline
According to Coinglass, Dogecoin's open interest has dropped by 24% within the past week, decreasing from $707 million on July 18th to $420 million on August. This decline coincides with the recent market crash that has affected cryptocurrencies, including DOGE, pushing its price below $0.09. The drop indicates a reduction in the number of open positions, reflecting diminished interest in the coin.
Historical Correlation with Price
The Dogecoin price and open interest display a strong correlation. Notably, previous sharp drops in open interest have been accompanied by price declines. For instance, in March 2024, a peak in open interest of $2.21 billion was followed by a surge in the DOGE price, reaching its yearly high. Subsequently, a crash in open interest led to a price drop from $0.22 to $0.18.
Implications for DOGE Price Outlook
Based on this correlation, a potential Dogecoin price recovery requires a rise in open interest. If flatlining occurs, consolidation around $0.08 is likely. However, a Bitcoin price rally would likely trigger a market-wide recovery, including Dogecoin, breaking its current bearish trend.
Conclusion
The recent decline in Dogecoin's open interest signifies reduced trader interest. Historical data suggests a potential price drop if open interest remains low. A recovery would require a surge in open interest, particularly if the Bitcoin price starts to rise again.
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