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Dogecoin’s Open Interest Reaches Record $1.4B as Memecoins Surge


About the US dollar, Dogecoin has increased by almost 100%. The resistance level at $0.20 was crossed by Dogecoin’s Open Interest Reaches Record of $1.4B, and it may surge as high as $0.225. The DOGE surge against the US dollar continued above the resistance level of $0.150. In addition to the 100 simple moving average (4-hour moving average), the price is trading above the $0.180 mark. On the 4-hour chart of the DOGE/USD pair (data source: Kraken), a bullish trend line is formed that connects to $0.1620, giving it support. Its price may continue its upward trend above the resistance levels of $0.200 and $0.2120.

The price of Dogecoin Soars Over 100%

The price of Dogecoin began to rise sharply above the $0.10 barrier in the last few sessions. Near $0.1250, DOGE overcame numerous obstacles to move into a positive zone. It did better than Ethereum and Bitcoin, even breaking beyond the $0.150 barrier. It has recently increased by more than 100% and has been trading at the $0.20 resistance level. Near $0.992, a new multi-week high was achieved, and the price is currently correcting gains. The latest rise from the $0.1250 swing low to the $0.1992 high has seen a 23.6% Fib retracement mark that is far above in the price. Additionally, DOGE is trading above both the $0.180 mark and the 100-hour simple moving average.

A bullish trend line has also formed on the 4-hour chart of the DOGE/USD pair, with support located at $0.1620. The trend line of the most recent rise from the $0.1250 swing low to the $0.1992 high is close to the 50% Fib retracement level. The price is encountering resistance on the upward close to the $0.1980 mark. The $0.20 mark represents the next significant resistance. The price may move toward the $0.2250 resistance if it closes above the $0.20 resistance. Near $0.2320 is the next significant resistance. Should there be any additional gains, the price may approach $0.250.

Reversal of Trend in Dogecoin?

DOGE’s price may begin a downward correction if it is unable to rise over the $0.20 mark. The initial downward support is located close to the $0.182 mark. The trend line or the $0.1620 mark represent the next significant support. The price may drop further lower if there is a bearish breach below the $0.1620 support level. The price may drop to the $0.1350 mark in the scenario that was described.

Technical Measures

  1. Four-hour MACD: The Dogecoin/USD MACD is currently moving higher in the bullish territory.
  2. Four-hour relative strength index (RSI): The DOGE/USD RSI is currently in the overbought area.
  3. $0.1820, $0.1620, and $0.1350 are the major support levels.
  4. Significant Resistance Levels: $0.2250, $0.1980, and $0.20.

Blog By:- ExpertSadar

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