Dogecoin Price Could Jump to $0.20 After Breakout
Dogecoin (DOGE) is gaining attention in the crypto market after showing signs of a technical breakout. The price has already gone up by nearly 20% and may soon touch the important $0.20 level.
One big reason for this move is that more people are now using Dogecoin. The number of active addresses on the network has grown by 5%, rising from 103 million to over 108 million since the start of July. This shows increased interest and demand for DOGE.
At the same time, futures trading activity for Dogecoin has dropped. The total open interest (amount of money in futures contracts) has fallen from $5.42 billion in January to around $2 billion now. With fewer big traders in the market, prices can move more freely, which is helping this breakout.
From a technical analysis point of view, Dogecoin broke out from a “falling wedge” pattern, which is often a bullish signal. Also, the Money Flow Index (MFI) is rising, showing that more money is flowing into DOGE.
Currently, Dogecoin is trading around $0.170. If buyers keep pushing, it could soon reach $0.1955, and then test the major $0.20 resistance level.
Impact :
Dogecoin might continue rising if buying pressure stays strong. A clean break above $0.20 could bring more gains in the short term.