Dogecoin bulls roar: DOGE futures record $1 billion open interest

Dogecoin (DOGE) has witnessed an astonishing price rise of over 29% in the past 24 hours, propelling its market cap beyond $17.5 billion. At press time, DOGE was trading at $0.1272, up 50% in a week.

Timeline of Dogecoin

If we take a closer look at Dogecoin's price, right now it's hanging around $0.08144, indicating it's staying quite steady above its known support point at $0.0779. This support level has been tested several times, which makes investors feel pretty confident in it.

Dogecoin may be setting the stage for an exit from its recent accumulation phase. An analysis of its price action indicates that DOGE is gearing up for a potential upswing, which could be fueled by a combination of market dynamics and adoption as a payment method.

Crypto Market Prediction: After experiencing a significant rally last week, the cryptocurrency market has entered a phase of relative stability, characterized by lateral movements across various digital currencies. Bitcoin, the leading cryptocurrency, is maintaining its position above the $42,000 mark, aiming to establish a solid foundation for potential future gains.

Dogecoin (DOGE) might be on the verge of soaring to new highs as the crypto market is gradually wriggling out of the losses accrued in the past week. At the time of writing, data from CoinMarketCap shows that Dogecoin is trading for $0.08097, down by 2.01% in the past 24 hours.

With the previous week bringing gains for the cryptocurrency market, some digital assets displayed promising signals that might indicate their future movement. Dogecoin (DOGE) is one of those.

In a recent analysis, prominent crypto analyst Ali Martinez suggested a potential bullish trend for Dogecoin (DOGE), supported by the TD Sequential indicator. According to Martinez, the indicator has flashed a buy signal on the DOGE 3-day chart, signaling a potential upward movement.

Dogecoin (DOGE) is set to gain another use case thanks to the world's richest man, Elon Musk. This comes following a revelation that the foremost meme coin will be a payment when one of Musk's groundbreaking projects finally launches.

Compared to other meme coins and large caps in the crypto space, the Dogecoin performance has been quite lackluster, to say the least. Even as Bitcoin sets an out toward its previous highs, Dogecoin price has been muted.

The digital currency ecosystem is seeing a mild gain retraction as Bitcoin (BTC) failed to match up to expectations following the debut of spot Bitcoin Exchange Traded Fund (ETF) products. Dogecoin (DOGE) bears are riding this negative price trend, with a 1.80% drop in the past 24 hours to $0.08479.

Dogecoin is on another rally once more as social media platform X (formerly Twitter) made an announcement that many believe will ultimately have a significant impact on the DOGE price. According to the announcement, X is finally moving forward with its long-await payments plans which are expected to go live in 2024.