Dogecoin has experienced a recovery in its price from a low of $0.12 in early May. Despite not yet surpassing the $0.16 barrier, there are indications that it might do so soon.

The recent uptrend in Dogecoin's price is attributed to investors taking long positions, leading to a significant increase in open interest totaling nearly $200 million over two days. This surge in open interest can signal heightened market activity, reflecting market sentiment and liquidity levels.

Although there has been an increase in short positions, the positive funding rate suggests that the rise in open interest is predominantly driven by long positions. Investors are optimistic about Dogecoin's price trajectory, with 83% of the circulating supply currently in a profitable position.

In terms of future price movements, Dogecoin is once again approaching the $0.16 resistance level. If this resistance is broken and establishes itself as support, Dogecoin's price could potentially surge to $0.18. On the other hand, failing to breach this resistance could lead to a drop to $0.15, with further downside targets at $0.12.

Overall, Dogecoin's price is exhibiting signs of upward momentum, with potential for further gains if key resistance levels are surpassed.