Is Dogecoin Poised for Another 50% Surge? (Analyst)

TL;DR

Dogecoin (DOGE) has rebounded from yesterday's dip, trading above $0.24. A prominent analyst predicts the next major resistance level at 50% higher than its current price. Simultaneously, on-chain data indicates leveraged traders are accumulating significant DOGE positions.

On-chain data suggests DOGE faces significant resistance at $0.36, with key support around $0.21.

To reach the first major resistance level, DOGE would need to surpass its recent 40% weekly price increase. Last week, DOGE struggled near $0.165 before the broader market rallied, propelling DOGE to a multi-month high of $0.26. Yesterday's correction, dipping below $0.22, has largely been reversed, with DOGE currently trading at $0.245.

Glassnode reported a nearly 64% surge in DOGE futures open interest over the past week, exceeding $1.6 billion. This signifies a dramatic increase in leveraged long and short positions, occurring during a period of cooling price momentum. This rapid increase in open interest during a price pullback suggests continued speculative positioning, potentially leading to increased volatility should the market trend decisively upwards or downwards.