Dogecoin Price Forecast as Open Interest Nears 4-Month High Amid $14M Whale Positioning

Dogecoin (DOGE) is out of a wedge, and it is showing that it is not done gaining just yet. The open interest is just going up, and whales are not even selling after two days of good gains. Because of this, Dogecoin price may be at the beginning of what could end up as a very good move. At press time, DOGE traded at $0.106 with a 12% weekly gain.

Dogecoin’s Futures Reveal Long Bias as Whales Flip Bullish

According to Coinglass, there has been a jump in Dogecoin’s OI. It has gone from $253 million to $433 million in just a week. Looking further back helps elaborate on how high the OI has risen. On February 9, it was at only $175 million. Now, this metric is at the highest point it has ever been in almost four months.

But open interest alone is not enough to argue that Dogecoin price will go up. It is only bullish if the price is also going up, which it is. In the last two days, DOGE price has gone from $0.099 to $0.106 at press time. Yesterday, it briefly hit $0.112.

A CoinGape analysis said meme coins are only moving up now, and this could explain what is happening with Dogecoin.

From what is going on at Hyperliquid, one cannot say that top accounts are not biased. They have only been long for two days now. They have opened $14 million long bets.

This is now showing that whales are not bearish at all, even after the recent journey up. They are still expecting that Dogecoin will go up again.

Dogecoin Price Eyes 29% Rally

The daily chart is showing that Dogecoin price is jumping from one bullish chart to the other. It just moved above the resistance of a falling wedge, and this was the beginning of its first big green candle. And DOGE is making another candle above this line today.

If there is a third candle above this line, it will confirm that gains are indeed happening. That means the gains happening now are just the beginning of what will happen next, and the long-term Dogecoin price forecast may indeed be bullish

The other thing happening is a rounding bottom. And from the bottom to the top, Dogecoin was up by 29%. And this means it might get to $0.14 soon.

Technical indicators are also showing why whales are of the idea that the price is going to move up. The AO bars say that bulls are still not done, and they are not ready to leave the scene. These bars are growing longer, and this usually points to the fact that bullish momentum is building up.

But there is also the fact that the RSI is just increasing, and it is dangerously close to what may be seen as overbought. This instance usually causes buyers to pause first, especially where there is no drive. If this is what happens, Dogecoin might just go down.