Dogecoin (DOGE) continues to show upward momentum by breaking a long-term descending trendline and successfully retesting it, leading to a gain of over 30%. Technical indicators confirm a shift in trend direction.
Breakout and Price Surge of DOGE
The price of DOGE significantly increased after breaking a descending trend that constrained the asset for several months. This breakout resulted in a rapid surge, with DOGE climbing 30% in a short period, supported by high trading volumes and bullish sentiments on platforms.
Targets and Predictions for DOGE
Following the breakout, Dogecoin confirmed a key retest around the $0.20 level, which has held as support. The next target is near $0.40, representing a potential 133% upside from the breakout zone, with buying pressure remaining strong.
Rise in Open Interest Supporting Bullish Trend
The recent increase in open interest in derivatives markets strengthens Dogecoin's bullish momentum. Rising from 1.45 billion to 1.627 billion, this increase indicates rising participation and confidence in the bullish market.
The DOGE breakout and current technical levels suggest the potential for further growth amidst increased trader interest. Attention should be paid to support levels and open interest for predicting future asset behavior.
