Dogecoin price has once again secured a prominent spot on crypto traders’ and investors’ radars, extending its weekly rally to over 15% amid broader market trends. However, a peculiar surge in DOGE futures OI has garnered significant attention among market participants, topping the $2 billion mark. This stat has underscored rising market interest in the asset, paving a bullish path for future movements.
Meanwhile, a renowned crypto market analyst has further predicted amid these broader bullish dynamics that a price rally to $0.65 awaits.
Dogecoin Price Eyes $0.65? Analyst Predicts As DOGE OI Tops $2B
Renowned crypto market analyst Javon Marks has posted on X, predicting that Dogecoin price could hit $0.65 in the short term. This bullish prediction is primarily attributed to a ‘regular bullish divergence’ formation on the meme coin’s price chart.
Primarily, the analyst stressed that bears’ dominance over the asset is weakening. As a result, DOGE price is starting to show signs of major strength and looks to be breaking out, per the analyst.
Meanwhile, another renowned crypto expert going by the name Carl Moon has forecasted a bullish outlook for the meme token. As per Carl on X, Dogecoin price has broken out of a ‘falling wedge pattern’ and is gearing up for a massive pump ahead. Particularly, the analyst believes that the next price target for crypto is at $0.43. For context, a falling wedge pattern suggests that the price is eyeing a bullish breakout ahead.
At the time of reporting, DOGE price saw a 0.5% increase in value intraday, exchanging hands at $0.1827. The weekly chart for the meme coin showcased gains worth 15%. Overall, the broader rising price trajectory has solidified investors’ hope of a bull run ahead.
Simultaneously, Coinglass data reported that DOGE futures OI increased over 3% today, reaching $2.08 billion. Further, the derivatives market volume also soared by 15% to $4.56 billion. This on-chain data further indicated rising market interest in the asset, cementing the chances of a bull run ahead.
Even the meme coin’s options volume surged 83% today, alongside a surge of 160% in the Options Open Interest. Overall, traders and investors are anticipating a bullish price move against the backdrop of strong market technicals.
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