Gate News message, April 24 — Dogecoin surged as broader crypto market strength lifted sentiment, with open interest climbing to a two-month high. According to Coinglass, Dogecoin open interest exceeded $1.4 billion at its peak, the highest level in over two months, before settling above $1.2 billion. At the time of writing, DOGE was trading near $0.09832, up 2.49% over the past 24 hours.
The rise in open interest reflects growing trader engagement as Dogecoin price moved above $0.1. Market data shows a clear correlation between rising open interest and price strength, though analysts cautioned that a price decline could trigger rapid unwinding of derivatives positions. Trading volume has declined as price momentum slowed, suggesting a consolidation phase. According to crypto analyst The Alchemist Trader, such periods often precede major price movements.
The Alchemist Trader noted that Dogecoin continues to hold above the $0.07 support level, which remains critical for maintaining bullish structure. If volume surges and the rally sustains, DOGE could rise more than 40% to reach $0.14, the analyst stated. However, a drop below support could trigger sharp corrections and open interest decline, as seen in previous cycles.
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