Dogecoin

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/dogecoin-price-trends-and-market-predictions/" data-wpel-link="internal">Dogecoin Price Trends and Market Predictions</a> 
Dogecoin’s (<a href="https://en.coin-turk.com/heavy-blow-to-dogecoin-investors-as-liquidations-surge/" data-wpel-link="internal">DOGE</a>) <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">price</a> rebounded from its early May low of $0.12, showing noticeable recovery. Although DOGE remains below the $0.16 level, it could soon surpass this threshold. 
<h2 style="text-align: justify" id="will-dogecoin-s-price-rise">Will Dogecoin’s Price Rise?</h2> 
Dogecoin’s price appears to be trending upwards as <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">investors</a> begin to take long positions, resulting in a nearly $200 million increase in open interest over two days. 
Open interest briefly represents the total number of outstanding derivative contracts at a given time, offering a forecast of <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">market</a> activity. 
It also reflects the total volume of active positions and indicates market sentiment and liquidity status. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-348462" src="https://coin-turk.com/wp-content/uploads/2024/05/doge-3-coin-turk-com.png" alt="" width="1102" height="277"> 
The increase in open interest can also be linked to a rise in short positions. However, considering the positive funding rate, the increase seems to be driven by long positions. 
A rise in DOGE’s price could be imminent as recent recovery trends continue to be a topic among investors. It is also known that 83% of the total circulating DOGE supply is in a profitable position. 
In the market, a higher profitability rate might indicate potential sales, typically occurring at market peaks. However, Dogecoin currently appears far from any peak. 
For DOGE to reach such a point, a scenario where 95% of the supply is profitable would need to emerge. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-348463" src="https://coin-turk.com/wp-content/uploads/2024/05/doge-2-coin-turk-com.png" alt="" width="1119" height="385"> 
<h2 style="text-align: justify" id="what-will-dogecoin-s-price-be">What Will Dogecoin’s Price Be?</h2> 
Dogecoin’s price is once again facing the $0.16 resistance level, which has been tested multiple times in the past. If this level is breached and becomes support, DOGE’s price could rise to $0.18. 
Surpassing this resistance could trigger a 25% rally, potentially compensating for recent losses. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-348464" src="https://coin-turk.com/wp-content/uploads/2024/05/doge-1-coin-turk-com.png" alt="" width="1096" height="451"> 
Conversely, if this resistance fails to break, Dogecoin’s price could fall to $0.15. Losing this support could drop the meme coin to $0.12, invalidating any bullish scenarios. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/dogecoin-price-trends-and-market-predictions/" data-wpel-link="internal">Dogecoin Price Trends and Market Predictions</a></h5>

Dogecoin Price Trends and Market Predictions

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