Dogecoin (DOGE), the popular meme-inspired cryptocurrency, is currently demonstrating signals that suggest it might be on the cusp of a significant bullish breakout.
According to a recent analysis from prominent crypto analyst Ali, the meme-inspired cryptocurrency appears to be approaching a crucial resistance level, with market behaviors hinting at potential upward movement.
Surging Interest In Dogecoin And Strong Upside Signal
The positive movement in DOGE’s price performance is further underscored by a surge in DOGE’s open interest, which has risen by 23% in the past day to reach $1 billion, according to data from Coinglass.
Additionally, the open interest volume has soared by 200%, now at nearly $4 billion. An increase in open interest indicates that new market participants are entering or existing positions are being expanded. This can be a sign of strengthening market activity and a supportive factor for the ongoing price increase.
Echoing Ali’s sentiment, another analyst from Crypto Daily Trade Signals identified a symmetrical triangle pattern in DOGE’s price movements, reinforcing the potential for continued upward momentum.
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According to this analysis, Dogecoin is showing signs of bullish behavior, with immediate resistance near $0.15950. However, since DOGE already surpassed that, the analyst noted other resistance levels at $0.16980 and $0.18440.
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