Dogecoin Open Interest Averages $2 Billion In June As Price Struggles Below $0.2
Dogecoin's open interest (OI) has averaged around $2 billion in June, a decline from $3.07 billion in May when the price peaked at $0.25. The current OI drop is linked to DOGE's struggle below the $0.2 level, indicating bearish sentiment. Despite this, the OI remains above March and April averages, when DOGE fell to $0.14 due to external market pressures. Analysts suggest a potential bullish reversal, with BitMonty noting a bounce possibility at the 0.618 Fib retracement level, predicting a rise to $0.26420. Trader Tardigrade also sees signs of a bullish divergence, suggesting a significant surge could occur before a prolonged pullback, with a long-term target of $30 by 2029. Currently, DOGE is trading at approximately $0.18, down over 3% in the last 24 hours.
