Dogecoin traders have become active again as open interest reached $2.37 billion. The increase in open interest may signal new money flowing into the market.
Dogecoin Market Analysis
According to CoinGlass data, open interest in the original meme coin has increased by 3.03% over the last 24 hours. Initially, it hit a record $5.42 billion on January 18, before falling to $2.26 billion on February 10.
Dogecoin Price Dynamics
The current price of Dogecoin stands at $0.2569 per coin. The price has decreased by roughly 2% over the past week, impacted by market uncertainty and reduced optimism about Federal Reserve interest rate changes.
Technical Prospects of Dogecoin
Dogecoin's price continues to slide within a descending channel. Buyers will attempt to hold the $0.23 support. A successful break above $0.28 could indicate strong buying near the support line.
Despite the current stagnation in the crypto markets, the activity surrounding Dogecoin suggests investor interest and potential future volatility.
