Dogecoin

bullish

Bitcoin

On Sunday, the Dogecoin price experienced a minor decline, tempering the recovery gains seen earlier in the week. As it consolidates in line with Bitcoin, the leading digital asset, there’s potential to stabilize market sentiment and rejuvenate the waning bullish momentum for a stronger rally. Currently, with Dogecoin down 1.9%, it’s approaching the lower support of a newly forming triangle pattern, indicating a possible opportunity for a breakout rally. 
Also Read: <a href="https://coingape.com/markets/bitcoin-price-to-67k-pro-crypto-trump-correction/">Bitcoin Price Dips to $67K Despite Pro-Crypto Remarks from Trump, More Correction Ahead?</a> 
<h2 id="span-style-font-weight-400-dogecoin-price-triangle-pattern-hints-at-uptrend-continuation-span">Dogecoin Price: Triangle Pattern Hints at Uptrend Continuation</h2> 
Over the past four months, Dogecoin, the popular dog-themed <a href="https://coingape.com/meme-coin/">memecoin</a>, has experienced a steady downtrend, shaped by a wedge pattern with prices fluctuating between two descending trendlines. During this time, the Dogecoin price plummeted from a high of $0.228 to a low of $0.091, resulting in a significant 60% decline. 
<img decoding="async" src="https://s3.tradingview.com/snapshots/k/KqWLsVBc.png" alt="BINANCE:DOGEUSDT Chart Image by sahilmahadik07"> 
Amid July market recovery, the <a href="https://coingape.com/price/dogecoin/">Dogecoin price</a> made a sharp rebound, breaking through the pattern’s resistance on July 20th, signaling a potential trend reversal and providing a robust base for a potential rally. 
The data from derivatives market data provider CoinGlass shows a notable trend in DOGE Futures Open Interest. From a July low of $492 million, Open Interest has surged to a current value of $706 million, reflecting a significant 42% increase. 
<figure id="attachment_209878" aria-describedby="caption-attachment-209878" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-209878" src="https://coingape.com/wp-content/uploads/2024/07/mbjkm.png" alt="DOGE Futures Open Interest" width="1530" height="393" srcset="https://coingape.com/wp-content/uploads/2024/07/mbjkm.png 1530w, https://coingape.com/wp-content/uploads/2024/07/mbjkm-300x77.png 300w, https://coingape.com/wp-content/uploads/2024/07/mbjkm-1224x314.png 1224w, https://coingape.com/wp-content/uploads/2024/07/mbjkm-768x197.png 768w, https://coingape.com/wp-content/uploads/2024/07/mbjkm-150x39.png 150w" sizes="(max-width: 1530px) 100vw, 1530px">
 <figcaption id="caption-attachment-209878" class="wp-caption-text">
 DOGE Futures Open Interest| Conagall
 </figcaption>
</figure> 
This growth indicates an escalating interest and bullish sentiment among traders regarding Dogecoin’s future market movements. 
Also Read: <a href="https://coingape.com/senator-cynthia-lummis-unveils-major-pro-bitcoin-bill-at-btc-conference/">Senator Cynthia Lummis Unveils Major Pro-Bitcoin Bill At BTC Conference</a> 
Currently, the <a href="https://coingape.com/price-predictions/dogecoin-doge-price-prediction/">DOGE price forecast</a> shows a consolidation breached trendline, stabilizing before potentially breaking out again. A closer look at the 4-hour chart reveals the price moving within two converging trend lines, forming a triangle pattern. Dogecoin trades at $0.129 with a market cap of $18.8 billion. Following this pattern, it might drop another 5% to retest the triangle’s support. 
After this brief consolidation, Dogecoin is poised to potentially break through the triangle and continue its upward trajectory. With continued buying support, the post-breakout rally could aim for targets of $0.15 and then $0.175. 
<h2 id="span-style-font-weight-400-technical-indicator-span">Technical Indicator</h2> 
EMAs: The flattish 200D Exponential Moving Average hints the broader trend is sideways. However, a golden crossover between the 50-and-200-day EMA would intensify the bullish momentum. 
RSI: The daily <a href="https://coingape.com/glossary/rsi-relative-strength-index/">Relative Strength Index</a> slope at 54% indicates a neutral to positive market sentiment among market participants.&nbsp; 
The post <a href="https://coingape.com/markets/dogecoin-price-0-15-open-interest-spikes-42-in-july/">Dogecoin Price Targets $0.15 Breakout As Open Interest Spikes 42% in July</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Dogecoin Price Targets $0.15 Breakout As Open Interest Spikes 42% in July

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