DOGE Price Rebounds Above $0.20 as Futures Interest Surges

DOGE breaks descending resistance, signaling potential bullish momentum.
Futures open interest nears $2B, indicating heightened trader activity.

Dogecoin ($DOGE) has broken free from a long-term downtrend, sparking renewed interest among cryptocurrency traders. Prominent analyst Sheldon The Sniper highlighted Dogecoin's definitive break above its descending resistance line on the weekly chart.

$DOGE weekly breakout . you know what happens next pic.twitter.com/QPtMKrYSET— Sheldon The Sniper (@Sheldon_Sniper) July 13, 2025

This resistance line, established since December 2023, consistently marked lower highs and reflected sustained bearish sentiment. The recent weekly green candle's penetration of this trendline suggests a possible change in market direction.

Historically, similar breakouts for DOGE have been followed by price rallies, often fueled by speculative momentum and retail investor engagement. This latest breakout has ignited fresh optimism within the crypto community.

At the time of analysis, DOGE was trading near $0.17, with short-term price targets identified around $0.22 and $0.30.

Price Rebounds With Building Bullish Structure

DOGE has demonstrated a strong rebound and is currently trading around $0.206, a 3.79% increase on the day. This price action reflects an emerging short-term bullish trend, characterized by the formation of higher lows and the price maintaining position within the upper range of the Bollinger Bands.

DOGE/USDT 1-Day Price Chart Source: TradingView

Momentum indicators are aligned with this upward trajectory. The MACD has shifted slightly into positive territory, and the RSI currently stands at 67.49, indicating increased buying pressure without yet reaching overbought conditions.

Analysts suggest that a successful break above the $0.21–$0.22 resistance area in the coming weeks could pave the way for a move towards the $0.30–$0.35 range.

Futures Open Interest Surges With Market Activity

Recent data from Coinglass reveals a significant surge in Dogecoin's futures open interest, approaching levels not witnessed since early 2024. This rise in open interest is occurring in tandem with price recovery, suggesting growing speculation among derivatives traders.

Similar spikes in open interest have historically coincided with periods of significant price movement, including in May 2021 and December 2023.

With DOGE trading above $0.20 and total open interest nearing $2 billion, market observers are anticipating potential high-volatility events. Analysts interpret this pattern as a sign of shifting sentiment and increased participation from traders within the meme coin sector.