Dogecoin Open Interest Rises to $1.55B; DOGE Price Rises
- The rise in the Dogecoin open interest to $1.55B suggests increased trader activity and buying pressure.
- Technical indicators on the 1-day chart show bullish signals, with the MACD and signal lines displaying a bullish crossover.
- DOGE remains in consolidation between $0.15 and $0.17 amid uncertainty in the overall financial markets.
Coinglass data shows that open interest (OI) in the leading memecoin, Dogecoin (DOGE) reached $1.55 billion over the past 24 hours. The open interest is the number of active futures contracts yet to be settled.
The data further showed that the $1.55 billion in open interest represents a 1.39% rise in the last day. The rise in DOGE price confirms the buying pressure in the coins derivatives markets.
Dogecoin open interest. Source: Coinglass
With uncertainty in the broader financial markets due to various reasons, the cryptocurrency market continues to experience a rise in volatility. Such reasons include a rise in inflation rates, which have remained above central bank levels, and the risks of recession in certain economies.
Hence, there has been a drop in fund inflows into the digital asset ecosystem. Also, there has been a slowdown in the growth of the stablecoin market.
Dogecoin displays Short-Term Bullish Signals
At the time of writing, DOGE price is up 1.1% in the last 24 hours and trades at $0.158, according to Coingecko data. Dogecoin price is in recovery after recording a drop in price in the last three days.
DOGE hasnt recorded any significant price changes since the start of the week. It has continued to trade between $0.15 and $0.17 during this period.
However, the rise in open interest and buying momentum suggests that DOGE traders may have found clarity in the markets. Meanwhile, the daily chart on the Tradingview platform shows that there are bullish signals for the memecoin.
The MACD line has crossed over the signal line, while the histogram bars are green. However, the value of its relative strength index (RSI) is 45.89, which suggests that bullish momentum is not that strong.
The RSI further suggests rising buying pressure as it is increasing from below 40. But it is yet to cross the neutral 50 level.
Hence, the DOGE price still remains in consolidation for now.
DOGE daily price chart. Source: TradingView
Read more: https://www.tronweekly.com/dogecoin-open-interest-rises-price-rises/
Text source: TronWeekly
