DOGE interest rose 19 percent to a monthly high as the price ‘climbed’
Traders are increasing their positions on Dogecoin, reaching a monthly high on July 20.
“DOGE is emerging and appears to be prime for offensive activity,” wrote Shelby, a pseudo-anonymous crypto trader, in a July 20 X post. According to data from CoinMarketCap, Doge's price was “encouraging” other altcoins to follow suit, including FLOKI and Shiba Inu (SHIB).
Meanwhile, crypto trading accounts Cheds and CryptoBoss have pointed to a “nice base break” in Dogecoin's price, saying it's “coming out.” DOGE is currently trading at $0.1336, up 18.82% in the past seven days.
On the other hand, a pseudo-anonymous crypto trading magnate warned his followers, “Don't FOMO here, pullbacks are undervalued.” The 10.6% drop to $0.1194, the price level seen seven days ago, would cost roughly $47.23 on long positions.
Dogecoin recently reached its highest open interest (OI) level — a measure of the total value of all outstanding or “unstable” Bitcoin futures contracts — for the month of July, jumping 19% to $647.19 million in four days. CoinGlass data.
An increase in the price of the doge follows a strong movement in the market sentiment indicator
Meanwhile, market sentiment across the board is growing according to the Crypto Fear and Greed Index.
The indicator that tracks the market sentiment on Bitcoin and crypto is at 74 points with “Greed” at 41 points from last week's 33 “Extreme Fear”.
Related: Is Dogecoin recording the 2020 fractal that sent DOGE price up 15,800%?
The price increase follows recent speculation on whether Dogecoin could repeat its previous performance in May 2021, after Bitcoin's previous halving of $0.73 per year.
Dogecoin price rose to an all-time high of $0.73 on May 8, 2021, a year after the 2020 Bitcoin (BTC) halving.
If this pattern repeats, the price of Dogecoin will reach a new all-time high in April 2025. But technical analysis is difficult to apply to memecoins because their value is speculative.
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This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
