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Dogecoin Frenzy Returns: $3.4 Billion Open Interest Signals Major Move Ahead
The cryptocurrency market has experienced a recent resurgence in volatility, and one of the most affected assets is Dogecoin (DOGE). The sudden increase in open interest signals that traders are gearing up for a significant price move.
According to reports, Dogecoin’s open interest hit $3.41 billion within 24 hours, representing an impressive 3% rise over just four hours. This surge underscores the substantial conviction and risk-taking by traders, indicating a marked shift in sentiment towards higher-risk assets such as DOGE.
Furthermore, it is essential to note that approximately 14.41 billion DOGE tokens are currently locked into futures positions. This significant capital commitment suggests that many traders believe Dogecoin will continue its upward momentum.
While this development may appear daunting for some, chart analysis offers a more optimistic outlook. As the cryptocurrency reached $0.24 during an overall crypto rebound on August 12, it established a strong foundation for potential further growth. Additionally, the hourly chart displays a developing bullish flag formation.
If the breakout confirmation and subsequent follow-through materialize, this could potentially result in a measured objective of roughly $0.27, as observed by prominent chart analysts.
Source: crypto-economy.com
