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The Cryptomarkt is Another back -up After a recent decline such as a timepiece and prices start to rise again. Interesting enough This renewed momentum Dogecoin has seen open interest turning a negative threshold in a positive one. As the price of the Meme Munt Traction wins, traders again stream on derivatives markets and push the total open interest above $ 4 billion.
Dogecoin Open interest rates with market information
According to Data from Coinglass, The total open interest of Dogecoin has climbed above $ 4 billion again, indicating a revival of trading activities. This is after the price of the Dogecoin Recovered on the $ 0.31 Multi -year support again and started his move up again.
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Interestingly, Data from Coinglass demonstrates that the open interest of the Dogecoin has increased by 3.11% and 2.09% respectively in the last 24 hours and 4 hours. This shift suggests that traders look at Dogecoin again as a promising active for leverage games, which bet on further price movements.
The most striking doge open interest is on the gate.io exchange, which has seen an increase of 5.14% in the last 24 hours. This brings its total open interest to $ 1.64 billion, accounting for 41% of the total rate. Bitget and Bingx have also witnessed remarkable uptrends, with the Dogecoin open interest grows by 6.41% and 6.67% respectively in the last 24 hours.
Binance, on the other hand, is still to turn into a positive change of open interest. The largest crypto exchange in the world still has an open interest of -0.13% in the last 24 hours, but is also about to a positive rate with an increase of +1.41% in the last four hours.
Increased leverage can lead to more price volatility
An increase in open interest means that more traders open lifting tree positions that can strengthen the price Swings in both directions. Interestingly, Dogecoin often experiences strong price movements during periods of an increase in open interest. The latter increase only means that there is an increase in market participation in Dogecoin.
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If the bullish sentiment continues, this market participation Can stimulate the Dogecoin price Further up within the range from $ 0.30 to $ 0.4 in the short term. However, it also increases the possibility of more liquidations such as Dogecoin should again test support for $ 0.31.
At the time of writing, Dogecoin acts at $ 0.3316, which marks a win of 7% since he bounces his several weeks of support at $ 0.31. The next step before the meme coin breaks above one Recently developed Daily candlestick resistance at $ 0.3316, which could then pave the road for further upward momentum if the persistent purchasing pressure continues.
Featured image of Istock, graph of TradingView.com