DOGE price prediction: Open positions surged to 16 billion coins, breaking through the bearish trendline.

DOGE (Dogecoin) is currently trading at 0.2391 USD in the European morning session on the 18th, with a daily pump of over 10%. The futures open interest soared to a record 16 billion DOGE, successfully breaking through the bearish trendline.

As the price of DOGE breaks through the bearish trend line, futures related to DOGE are more popular than ever.

According to data source Coinglass, the total open contracts for standard and perpetual futures listed globally have increased to a record 16.24 billion DOGE, valued at approximately 4 billion USD at current prices, representing a growth of 48% this month.

The previous record was set in January of this year at 14.31 billion DOGE.

Open interest refers to the number of active or open contracts within a specific timeframe. An increase in open interest alongside rising prices is considered to confirm an upward trend. Additionally, the perpetual funding rate for DOGE remains positive, indicating a growing demand for leveraged bullish futures. An increase in leverage demand typically leads to heightened price volatility.

(Source: Coinglass)

TradingView data shows that the price of DOGE has increased by 47% this month, surpassing 24 cents, breaking above the downward trend line that peaked around 48 cents in December.

The breakthrough indicates that the path of least resistance is currently in the upward direction. The price has also broken above the 200-day simple moving average, signaling a revival of the bullish market.

(Source: Trading View)