Dogecoin Price Jumps 20% Amid $2B Open Interest Across DOGE Futures

Key Insights:

• The latest Dogecoin price analysis shows that the meme coin soared by 20% over the past seven weeks.
• The first test for DOGE price comes around $0.155, where the latest rally started to lose strength.
• Open interest for DOGE futures recorded a slight drop of 5% to reach $1.81 just after briefly touching the $2 billion mark.

Dogecoin price held near the $0.154 level briefly after bouncing from the $0.146 level following a strong rally of 20% over the past 7 days. This rally skyrocketed DOGE to be the best-performing crypto among the list of the ten largest cryptocurrencies by market cap.

Moreover, both spot and futures trading volume soared, with the former rising by 17% over the last 24 hours to reach $2.24 billion. As per derivative data, Dogecoin futures recorded $2 billion in open interest to suggest an increase in new positions.

Dogecoin Price Jumps By 20% Amid Rising Trading Volumes

The latest Dogecoin price action news shows the meme coin soared by 20% over the past week as spot volumes rose by $2.24 billion.

If the meme coin falls below $0.146 from its current price, the earlier support zone could come back into focus.

Analyst CW said Dogecoin price is hitting several sell zones above its current level. On the weekly chart, these areas stand out clearly, as rallies in the past have stalled there more than once.

The first test comes around $0.155, where the latest rally started to lose strength. Selling picks up near $0.165, and a stronger hurdle sits around $0.18 to $0.185, where gains have often stalled. Momentum is up, but a clear move higher isn’t certain.

Dogecoin price will need strong and consistent volume to push through each zone and keep the move alive.

On the downside, CW said DOGE price is sitting on a solid support area between $0.145 and $0.15. On the chart, this zone stands out as a clear buying wall, backed by strong demand in the past and a pickup in trading volume.

This area has already proven its strength since historic data shows that buyers stepped in after the rebound from below $0.13 and held their ground. As such, the technical setup still proves the possibility of absorbing sell-side pressure and defending the level.

As such, DOGE price needs to only hold steady above this zone, and the overall setup will remain bullish and strong. The buying wall continues to act as a base, giving Dogecoin room to regroup and make fresh attempts at the sell zones over time.

Dogecoin Derivatives Data: DOGE Futures Hit $2B Open Interest

Dogecoin derivatives activity picked up as futures volume rose nearly 19% in 24 hours to about $6.1 billion, showing traders are back in the market.

According to CoinGlass, open interest for DOGE futures recorded a slight drop of 5% to reach $1.81 just after briefly touching the $2 billion mark on Tuesday night.

While the pullback indicates restraint from some traders due to recent volatility, the trend reveals that overall interest in the meme coin still holds strong.

It is also worth noting that long positions continue to outnumber shorts across the major exchanges. This means that the majority of the top traders are leaning bullish.

However, long positions made most of the $127 million liquidated positions over the last 24 hours. As such, this has eased short-term pressure. Essentially, the market is still cautious even as bulls command control.