Dogecoin open interest averaged $2 billion in June, with prices below $0.2
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Dogecoin’s open interest This is the focus of attention, and this critical measure emphasizes the interest currently gained by the highest meme coins. This is Doge’s continued struggle in the psychological $0.2 level, offering a bearish outlook for meme coins.
Dogecoin open interest averaged $2 billion
Shop data Shows that Dogecoin Open Interest (OI) has hovered at $2 billion since the beginning of this month. This represents a decline in open interest recorded in May. Doge’s OI climbed to $3.07 billion on May 11 Meme Coin price surges to $0.25.
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This drop Dogecoin open interest Since then, the price decline of the Governor can be attributed to. Meme coins start in the month of psychological $0.2 level, which triggers bearish sentiment. Open interest refers to the amount of interest in the derivatives market for a specific asset. Therefore, the decline of this indicator is usually bearish.
However, it is worth mentioning that Dogecoin’s open interest is still higher than Monthly average records are in March and AprilDuring a period when Trump’s expropriation caused crypto assets to fall. At that time, the Governor fell to $0.14, risking losing the structure of the bull market.
Crypto analyst Bitmonty hopes Doge rebounds with Dogecoin’s open interest. exist X PostsHe said the meme coins are testing the lower boundary of the 0.618 FIB recycle curve and descending wedge. He added that it is a high convergence bounce zone, and signs of reversal may prompt breakthrough moves soon. Bitmonty predicts that this rebound may be as high as $0.26420.
Doge sets up bullish reversal
exist X PostsCrypto analyst Trader Tardigrade said Dogecoin’s price may be setting up for a bullish reversal. He revealed that Doge is returning to previous swing lows, while RSI shows higher lows. Analysts point out that this could lead to Bullish divergenceearly signs of weakening sales momentum and potential reversal rise.
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In another X PostsTrader Tardigrade said Dogecoin is expected to experience a huge surge before entering a prolonged wedge pullback. Interestingly, his accompanying chart shows Meme coins may gather Up to $30. However, this price increase will not happen in this market cycle alone, and the chart will target 2029 as the target year to reach this price level.
At the time of writing, Dogecoin price is trading at about $0.18, down more than 3% in the past 24 hours. data From CoinMarketCap.
Featured Images from Getty Images, TradingView.com Charts
