• Dogecoin went over $0.24, increasing by 2.32% with $5.73 billion 24-hour trading volume.
  Technical indicators illustrate bullish momentum; RSI at 59 implies $0.30–$0.31 target.
• Open interest went up by 3.34% to $4.36B amidst 27.14% reduced trade volume,  signaling positioning.

Dogecoin is gaining momentum after breaking out of a key chart pattern, propelling its price above $0.24. Analysts highlight growing optimism fueled by speculation over a potential U.S. spot DOGE ETF, whale buys, and rising technical indicators, signs pointing toward a potential breakout toward the $0.30–$0.31 region.

Currently, DOGE is trading at $0.2464 and the volume of investors over the last 24 hours is $5.73 billion. Market cap is $37.19 billion and the market share for the memecoin is 0.94%. The price is up by 2.32% over the past day, further fueling surging sentiment.

Dogecoin Breakout Signals Path Toward $0.31

Well-known crypto analyst Ali highlighted on X that Dogecoin has broken out of a triangle formation, normally seen as a sign of building momentum. Ali suggested DOGE could now be en route to $0.31, pointing to the breakout as a significant chart signal.

Market watchers often view these breakout patterns as early signs of heightened movement. If DOGE continues upward, more focus by the institutional and retail crowd can then support it into the next resistance levels.

Technical Indicators Turn Bullish

Technically, Dogecoin registered an astounding reversal, up by 20% after reaching the $0.20 support. It has now test the $0.25 resistance level, a significant level that will establish the direction it will follow next.

Technical indicators remain bullish too. The Relative Strength Index (RSI) is at 59, which shows stable buying pressure. Analysts note that if RSI goes beyond the 60 mark, the Dogecoin can gain more momentum and reach the next resistance at $0.30.

Also Read | Dogecoin Price Rally Ahead of ETF Launch Could Hit $0.25 Soon

Rising Open Interest Despite Falling Trade Volume

Dogecoin derivatives market indicators are neutral. Overall volume dropped by 27.14% to $6.04B, and the open interest went up by 3.34% to $4.36B. That implies fewer trades are occurring, but more positions are being left open as investors settle wagers on DOGE future prices.

Options action was similar, with options volume moving 42.74% off to $1.38K as options open interest gained 11.31% up to $5.55M. Investors appear more concerned with positioning for pending volatility than day-to-day speculation.

OI-weighted funding rate is seen at 0.0113%, reflecting an unbiased market with no serious inclination toward either longs or shorts. As the open interest increases and funding rates are steady, the market seems to be wait-and-watch for the next Dogecoin breakout.

Also Read Dogecoin: 3 Things That Could Move the Price This Week