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Dogecoin (DOGE) to Add Another Zero? Unexpected Move
As the market continues to fluctuate, the price of Dogecoin (DOGE) has been making waves in recent days. With an astonishing open interest of 9.78 billion DOGE, analysts believe that the asset’s current momentum could potentially lead to a major price rise.
While it is difficult to predict with certainty, many experts are optimistic about the potential for DOGE to breach its long-standing resistance level at $0.18. This would be an extraordinary milestone for the meme coin, and if successful, could pave the way for further growth.
Notably, on-chain analyst Ali Martinez has observed that Dogecoin’s Bollinger Bands have narrowed, which often signals a significant price increase in an asset. This development is seen as a positive signal by many, given the historical correlation between this phenomenon and major price movements.
The broader market also appears to be supporting DOGE’s current rally. Liquidation for the meme coin has thinned out significantly, with data suggesting that it has reached its lowest levels in months. As analysts point out, this reduced liquidation could contribute to a renewed uptrend for DOGE.
One other notable event is Dogecoin flipping Cardano (ADA) in market capitalization. This significant shift has seen DOGE rise to the 8th position on the list of largest cryptocurrencies by market cap, with its current valuation sitting at $26.16 billion.
While no one can predict with certainty what will happen next, this data suggests that the possibility for further growth remains strong.
Source: https://u.today/dogecoin-open-interest-tops-978-billion-doge-as-price-eyes-reset
