The post Dogecoin (DOGE) Price: Trading Volume & Open Interest Surge, Breakout Incoming? appeared on BitcoinEthereumNews.com.
TLDR: Dogecoin’s price shows strong bullish momentum, trading at $0.33 with a 4.05% increase in 24 hours and an 8.5% surge in trading volume, supported by significant exchange outflows of $11.5M Technical analysis reveals a bullish double-bottom pattern forming, with key support at $0.31 and potential for a 25% rise to $0.41 if support holds Open interest in Dogecoin has climbed back above $4 billion, with Gate.io leading at $1.64 billion (41% of total), indicating renewed trader confidence Current market sentiment is predominantly bullish, with 53.5% of traders holding long positions versus 46.5% short positions Trading volume data shows strong accumulation patterns, with RSI at 45 suggesting room for further upward movement Dogecoin (DOGE) is showing signs of recovery, with the price currently holding steady at $0.33 as of January 30, 2025. The meme coin has registered a 4.05% increase over the past 24 hours, accompanied by an 8.5% surge in trading volume. Market data indicates a notable shift in trading patterns, with exchange outflows reaching $11.50 million. This movement of DOGE from exchanges to private wallets typically suggests accumulation by investors, potentially creating upward pressure on the price. The technical picture has grown more promising, with the formation of a bullish double-bottom pattern on daily timeframes. This pattern, combined with strong support at the $0.31 level, has historically preceded upward price movements for the cryptocurrency. DogecoinDOGE Price Trading volume metrics reveal increased market participation, with Gate.io leading the charge in terms of open interest. The exchange currently accounts for $1.64 billion, or 41% of the total open interest, representing a 5.14% increase over the past day. Other major exchanges are also seeing renewed activity. Bitget and BingX have recorded respective increases of 6.41% and 6.67% in open interest over the last 24 hours, contributing to the overall market momentum.…