Dogecoin price hits $0.21 on open interest surge and whale activity
Dogecoin breaks above descending trendline as bulls target next resistance near $0.25
Dogecoin has reclaimed key technical levels, surging past the $0.21 mark and confirming a breakout from months of accumulation. The move signals renewed bullish momentum as both retail and institutional traders position for further upside.
Highlights
- Dogecoin trades above $0.21 after breaking long-term trendline resistance
- Open interest rises 11.40% to $3.21 billion, signaling trend continuation
- Short liquidations exceed $8 million as bullish momentum builds
Dogecoin price is currently trading near $0.2156, having successfully broken above a long-standing descending trendline dating back to November 2024. This breach follows multiple failed attempts in earlier months, but the recent move marks a clear shift in market structure. The price now sits above all key exponential moving averages (20, 50, 100, and 200), with the 200 EMA at $0.2029 acting as strong support.
DOGE price forecast (Source: TradingView)
The breakout also signals an exit from the accumulation range between $0.15 and $0.19, a zone where buyers consistently absorbed selling pressure for nearly two months. Now above both horizontal and dynamic resistance, DOGE price faces its next upside target at $0.25, which previously capped price in March. A sustained move above that level could open the path toward $0.30–$0.32.
Derivatives and volume data back the breakout
On-chain and derivatives data confirm the strength of the move. Volume rose 60.43% to $10.49 billion, while open interest climbed 11.40% to $3.21 billion, suggesting new long positions rather than a short squeeze. Options activity jumped 110.52%, reflecting renewed interest from sophisticated traders. Binance’s top trader data also shows a long-short ratio of 3.6944, indicating aggressive long positioning. Futures data further strengthens the bullish case. DOGE saw $8.21 million in short liquidations over 24 hours, compared to $5.82 million in longs. Rising open interest alongside price suggests buyers are building conviction, not exiting.
If DOGE holds above the $0.2029 support zone, a move to $0.25 represents a 15.9% upside from current levels. A breakout beyond $0.25 could extend gains to the $0.30–$0.32 range, marking a 30%- 48% increase. This projection is backed by rising volume, open interest, and strong market structure. However, a close below $0.20 could lead to a corrective move toward $0.18.
In our earlier coverage, we highlighted the importance of the breakout above the descending trendline and a reclaim of the 200 EMA as signs of a trend reversal. With both factors now confirmed, Dogecoin’s technical outlook has shifted decisively bullish, and the breakout structure continues to play out as anticipated.
