Traders have been increasing their Dogecoin positions since its price “breakout” and hit a monthly high on July 20. However, not everyone is yet convinced that the bullish pattern has been confirmed.
“DOGE has broken out and an aggressive upside movement is expected,” anonymous crypto trader Shelby wrote on Xinhua on July 20. postThey reiterated that Dogecoin’s price surge had been a “catalyst” for other altcoins such as FLOKI and ShibaInu, which are up 37% and 3.89%, respectively, according to CoinMarketCap. data.
Meanwhile, crypto trading accounts Cheds and CryptoBoss noted that Dogecoin price is experiencing a “strong base break” and claimed to be “breaking out.” DOGE is currently trading at $0.1336 and is up 18.82% over the past seven days.
Meanwhile, anonymous cryptocurrency trader Magnates Warned Their followers have stated, “Don’t get FOMO here, pullbacks will offer lower prices.” A 10.6% drop to $0.1194, a price level seen just seven days ago, would liquidate about $47.23 of the long position.
Dogecoin recently achieved its highest level of open interest (OI) – a measure of the total value of unsettled or “unsettled” Bitcoin futures contracts across exchanges – in July, rising 19% in four days to $647.19 million, according to CoinGlass. data.
Doge price surge follows big move in market sentiment indicator
Meanwhile, market sentiment is generally improving, according to Crypto Fear & Greed. index.
The index, which tracks market sentiment towards Bitcoin and cryptocurrencies, has a “greed” score of 74, up 41 points from last week’s “extreme fear” score of 33.
Related: Is Dogecoin mimicking the fractal phenomenon of 2020 that caused DOGE prices to soar by 15,800%?
The price surge follows recent speculation about whether Dogecoin can replicate its past performance, which saw it reach an all-time high of $0.73 a year after the last Bitcoin halving in May 2021.
The price of Dogecoin rose to an all-time high of $0.73 on May 8, 2021, one year after the 2020 Bitcoin (BTC) halving.
If this pattern repeats, Dogecoin’s price would reach an all-time high in April 2025. However, since the meme coin’s value is highly speculative, it is difficult to apply technical analysis to it.
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This article does not contain any investment advice or recommendations. Any investment or trading involves risks and readers should conduct their own research when making any decision.
