12.74 Billion in Dogecoin Open Interest, DOGE Price Reacts
Godfrey Benjamin Dogecoin futures traders are positive meme coin will rebound soon Cover image via www.freepik.comDisclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. Dogecoin (DOGE) price faces a mild price drawdown that aligns with the broader market trend. However, for Dogecoin, key metrics show sustained interest from some market participants and the potential for a short-term rebound. DOGE's price was down by 3.16% to $0.3476 at the time of writing, per CoinMarketCap data.Dogecoin open interest triggers confidenceAmid the sell-off, DOGE has breached two key support levels at $0.3579 and $0.3516, respectively. On the 1D chart, analysts keep an eye on the coin to see whether it can rebound around $0.3452.DOGE 1D Chart. Source: CoinMarketCap Related The open interest (OI) comes into the foreground with this twist. According to data from CoinGlass, Dogecoin OI has seen futures traders commit 12.74 DOGE in the past 24 hours. With this figure near the coin's peak, investors are positive about a potential rebound for the price of DOGE.Thus far this year, the Dogecoin price has aligned with historical trends, with a 14% year-to-date (YTD) growth. Dogecoin has stayed on the frontline as it has maintained its ranking among the top 10 digital currencies. It has achieved this resilience despite the intense volatility in the broader market.With its sustained open interest outlook and the DOGE historical trend, the confidence level among investors remains high.DOGE growth catalysts in viewDogecoin remains a key pioneer of meme coins in the broader digital currency ecosystem. As such, it is characterized by intense volatility that can fuel massive price recovery. Although, this may also impact its growth. Related DOGE whales also mark a key driver for the coin’s price. With intense accumulation spotted in the past few weeks, the demand source for the meme coin is solidified. This can help push the coin beyond near-resistance levels in the coming weeks.In addition, the push for Dogecoin ETF can also drive optimism that can trigger further price gains in the mid-to-long term. Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. About the author Godfrey Benjamin Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on Blockchain.news, Cryptonews and Coingape, among others. Related articles