Dogecoin Open Interest Averages $2 Billion In June As Price Struggles Below $0.2

Dogecoin’s open interest is in focus, with this important metric highlighting the quantity of curiosity that the highest meme coin is getting in the mean time. This comes as DOGE continues to wrestle under the psychological $0.2 stage, offering a bearish outlook for the meme coin. 

Dogecoin Open Curiosity Averages $2 Billion In June

Coinglass data exhibits that Dogecoin open curiosity (OI) has been hovering round $2 billion because the begin of this month. This represents a drop from the open curiosity recorded in Might. DOGE’s OI had climbed to as excessive as $3.07 billion on Might 11 because the meme coin’s price surged to $0.25. 

Associated Studying

This drop in Dogecoin open interest could be attributed to the drop in DOGE’s worth since then. The meme coin started the month under the psychological $0.2 stage, which has sparked bearish sentiments. Open curiosity refers back to the quantity of curiosity within the derivatives marketplace for a selected asset. As such, a drop on this metric is normally bearish. 

Nevertheless, it’s value mentioning that the Dogecoin open curiosity remains to be above the monthly average recorded in March and April, throughout the interval when the Trump tariffs induced crypto belongings to tumble. Again then, DOGE dropped to as little as $0.14 and was liable to shedding its bull market construction. 

Crypto analyst BitMonty expects DOGE to bounce again amid this drop within the Dogecoin open curiosity. In an X post, he stated the meme coin is testing the 0.618 Fib retracement and the decrease boundary of a falling wedge. He added that this can be a excessive confluence bounce zone, and reversal indicators might spark a breakout transfer quickly. BitMonty predicts that DOGE might rally to as excessive as $0.26420 on this bounce. 

DOGE Setting Up For A Bullish Reversal

In an X post, crypto analyst Dealer Tardigrade indicated that the Dogecoin worth could also be organising for a bullish reversal. He revealed that DOGE is returning to the earlier swing low, whereas the RSI exhibits a better low. The analyst famous that this might result in a bullish divergence, indicating weakened promoting momentum and early indicators of a possible reversal to the upside. 

Associated Studying

In one other X post, Dealer Tardigrade acknowledged that Dogecoin is predicted to expertise a big surge earlier than getting into a chronic falling wedge pullback. Curiously, his accompanying chart confirmed that the meme coin could rally to as excessive as $30. Nevertheless, this worth surge isn’t anticipated to occur in simply this market cycle alone, with the chart highlighting 2029 because the goal yr to achieve this worth stage.

On the time of writing, the Dogecoin worth is buying and selling at round $0.18, down over 3% within the final 24 hours, in accordance with data from CoinMarketCap.

Featured picture from Getty Photographs, chart from Tradingview.com