– Dogecoin price tests $0.20 support amid increased institutional interest – Derivatives data shows 9% rise in open interest for DOGE – Analyst predicts potential parabolic rally to $10 in next bull run – Spot Dogecoin ETF efforts continue as asset managers push for approval
Dogecoin (DOGE) is currently testing the critical support level of $0.20 after a failed breakout attempt past $0.21. Institutional interest in DOGE is increasing, as evidenced by a 9% rise in open interest for derivatives and 70% of traders holding long positions.
Key Observations:
- Dogecoin has shown resilience around the $0.20 support level despite recent market volatility.
- There is a trend of growing institutional accumulation in high-beta digital assets, with demand for crypto ETFs rising.
- The formation of higher highs post-support bounce signifies potential bullish momentum.
- Momentum indicators like RSI (52) and MACD suggest stable accumulation rather than speculative activity.
- Analyst Dian Sanchez identifies $0.218 as a crucial resistance; a breakout could lead to $0.50.
- Crypto analyst Ether Nasyonal suggests Dogecoin may enter its "third parabolic phase," similar to previous cycles.
Overall, while Dogecoin faces immediate support at $0.20, accumulating institutional interest and technical setups hint at a possible impending rally.