Dogecoin’s open interest climbs to 4 billion dollars again after the market recovery
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Encryption Backward After a modern decrease like the hour, the prices began to press again. It is interesting, This renewed momentum Dogecoin has seen an open attention that fluctuates from a negative threshold to a positive one. Due to the price of Meme Coin, traders flow again in the derivative markets, pushing the total open interest over $ 4 billion.
Dogecoin open interest with market revival
according to Data from Coinglass, The total open interest of Dogecoin has risen over the brand of $ 4 billion, indicating a return in trading activity. This comes after the price of Dogecoin Revy $ 0.31 Multi -year support again and began to move up again.
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Interestingly, data from Codinglass shows that open interest has increased by 3.11 % and 2.09 % in 24 hours and 4 hours, respectively. This shift indicates that traders are once looking at Dogecoin as a promising origin of the calling plays, and betting on more price movements.
The most prominent open interest DOGE is on Gate.io Exchange, which has seen an increase of 5.14 % in the past 24 hours. This total open interest is $ 1.64 billion, which represents 41 % of the total rate. Bitget and Bingx also witnessed a remarkable rise, with a 6.41 % and 6.67 %, respectively, during the past 24 hours.
On the other hand, It has not yet turned out of positive open attention. The world’s largest encryption exchange is still an open interest rate of -0.13 % over the past 24 hours, but it is also about a positive rate with an increase +1.41 % in the past four hours.
Increased leverage can lead to an increase in price fluctuations
The rise in open interest means that more traders open a crane job to benefit from, which may amplify the price Slaves in any of the two directions. Interestingly, Dogecoin often tests strong price movements during periods of increase in open attention. This last increase alone means that there is an increase in market participation in Dogecoin.
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If the upcoming feelings continue, this market participation You may lead the price of Dogecoin More climbing within 0.30 dollars to $ 0.4 in the short term. However, it also raises the possibility of more liquidation if Dogecoin is to re -test the support at $ 0.31 again.
At the time of writing this report, Dogecoin is traded at $ 0.3316, which represents a 7 % profit since its multi -week support at $ 0.31. The next step for Mimi is a fracture above a It was recently developed Daily candles resistance at $ 0.3316, which can pave the way for more bullish momentum if continuous purchase pressure continues.
Distinctive image from Istock, Chart from TradingView.com
