Dogecoin Rebounds 15.78% in Open Interest, Eyes 13% Gain to $0.19

Dogecoin has recently shown signs of recovery, rebounding from the lower boundary of a Parallel Channel pattern. The cryptocurrency is currently trading at $0.1668, with technical and on-chain indicators suggesting further upside potential. The next target for Dogecoin is $0.19, with a potential move toward $0.26 if the momentum continues. This pattern reflects a period of consolidation with defined support and resistance levels, indicating a bullish outlook for the cryptocurrency.

According to an analysis by Ali Martinez, Dogecoin’s price has been moving within a sideways Parallel Channel for several months. Recently, DOGE bounced from the channel’s lower trendline, a level acting as support, and is now aiming for the midpoint of the range at $0.19. This target also aligns with the upper band of the Keltner Channel, reinforcing it as a technical barrier. A daily candle close above $0.19 could confirm a breakout, potentially setting up a move toward the upper boundary near $0.26. The price previously tested this resistance level in May.

Martinez shared that DOGE is supported by bullish momentum, and its breakout could be sustained if volume and derivatives interest remain high. The stochastic RSI has crossed above 80, indicating growing upward strength. Additionally, DOGE has recorded increased speculative activity. Open Interest rose 15.78% to $2.09 billion, and Options volume surged 402%, reflecting higher expectations for price gains. According to data from CoinGlass, DOGE also saw a positive net inflow of $8.23 million, signaling whale accumulation.

On-chain metrics show that Dogecoin’s MVRV Z-score has recovered to 0.355, indicating that the coin is rebounding from undervalued levels. While daily active addresses and transactions have slowed, past cycles show that network activity often lags behind price. According to Daniel Ramsey, DOGE is currently supported at the confluence of the EMA 200 and the bottom of the Accumulation Cylinder. He believes this price area could serve as a strong foundation for further movement.