$2,376,500,726 Dogecoin in One Day; Reasons Behind It?

Dogecoin (DOGE) traders are making moves on the market, with open interest reaching $2.37 billion.

According to CoinGlass data, open interest in the original meme coin has increased by 3.03% in the last 24 hours, reaching $2,376,500,726 ($2.37 billion). After reaching a record high of $5.42 billion on Jan. 18, Dogecoin’s open interest fell to $2.26 billion on Feb. 10, almost where it is now, although it has seen a mild uptick.

Open interest refers to the total amount of unsettled derivatives contracts. A rise in open interest can indicate new money entering the market, perhaps confirming existing price trends and predicting future volatility.

The price of Dogecoin now stands at $0.2569 per coin after dipping to lows of $0.255. The price has declined by roughly 2% in the last week.

Related

Dogecoin Whales Go Silent, What This Means for DOGE’s Next Move

Crypto markets are witnessing sluggish price action amid reduced optimism for Fed easing. The January consumer price index report showed a 0.5% monthly gain, raising the annual inflation rate to 3%, a touch higher than in December and slightly lower than the 3.1% figure in January 2024.

Dogecoin price action

Dogecoin has been sliding in a descending channel pattern, but bulls will try to hold the $0.23 support.

Article image
DOGE/USD Daily Chart, Courtesy: TradingView

The relief rally might sell for $0.28. If Dogecoin falls from here, it might suggest that the bears remain in charge. Sellers will then make another attempt to bring Dogecoin down to $0.20.

Instead, a break and close above $0.28 indicates strong buying near the support line. Dogecoin may then advance to the 50-day SMA at $0.32, where bears are expected to launch a robust defense.

Source: https://u.today/2376500726-dogecoin-in-one-day-reasons-behind-it