Dogecoin (DOGE) Primed for Breakout: Soaring Open Interest & Bullish Charts Signal Major Rally Ahead

Dogecoin's market mechanics are flashing green—hard.

Open interest spikes while technicals scream 'buy.' Here's why DOGE might be the meme stock of crypto's next leg up.

The derivatives tell the story

Futures traders are piling in like Wall Street bankers at a taxpayer-funded buffet. That rising open interest? Pure rocket fuel when paired with DOGE's bullish chart structure.

Technicals don't lie (but influencers do)

Key resistance levels crumbled faster than a crypto exchange's 'risk management' during a bull run. The path is clearing for DOGE to retest highs—assuming Elon doesn't tweet something derailing.

This isn't financial advice—just observable market dynamics. Though let's be honest, in crypto-land, 'advice' usually means 'greater fool theory' with a side of hopium.

TLDR

• Dogecoin rebounds from $0.14 support level, forming a cup-and-handle pattern with current price around $0.182
• Open Interest surged 15.09% to $2.44 billion while funding rates remain positive at +0.0093%
• Over $8.5 million in DOGE was withdrawn from exchanges on July 10th, indicating long-term holding behavior
• Analyst VisionPulsed predicts a potential 500% move to $0.90-$1.00 based on technical patterns and macro factors
• Key resistance level at $0.198 must be cleared for bulls to target the $0.25 level in coming weeks

Dogecoin has shown renewed strength after bouncing from the $0.14 support level. The cryptocurrency formed a rounded bottom pattern and confirmed a cup-and-handle breakout.

The price action has returned inside a parallel channel. Doge currently trades around $0.182 after the recent rebound.

Bulls are eyeing the $0.198 resistance level as the next hurdle. A break above this level could open the path to $0.25 in the coming weeks.

The cup-and-handle pattern shows strong symmetry. Previous responses to support levels suggest buyers remain in control.

However, any rejection NEAR the mid-channel zone may cause consolidation. Holding above $0.16 will be crucial for continued bullish momentum.

Strong Buyer Interest Emerges

Spot market data shows aggressive buying pressure over the past 90 days. The cumulative volume delta consistently favors taker buys across exchanges.

This buyer dominance strengthens the case for price continuation. The pattern reflects confidence even during corrective phases.

Historically, such dominance has aligned with short-term upward breakouts. The sustained pressure from spot buyers supports a bullish outlook.

Exchange outflow data reveals strong holding behavior. Over $8.5 million in DOGE was pulled from exchanges on July 10th alone.

This extends a broader trend of sustained outflows. Investors appear to prefer self-custody or long-term holding strategies.

Such behavior often precedes accumulation phases. Moving funds off exchanges reduces sell-side pressure and tightens supply.

Derivatives Market Shows Renewed Interest

Open Interest surged sharply by 15.09% to $2.44 billion at the time of writing. This reflects renewed capital influx into DOGE futures markets.

Funding rates remained positive at +0.0093%. This indicates long positions are paying short traders, showing bullish conviction.

The combination of increasing exposure and sustained Optimism highlights growing confidence. Derivatives traders appear increasingly bullish on DOGE’s prospects.

Analyst VisionPulsed sees potential for a major MOVE higher. The analyst predicts DOGE could reach $0.90 to $1.00, representing a 500% increase.

This projection is based on hash ribbons indicators and macro factors. The analyst noted that each bull market thrust since 2020 has exceeded the previous one.

The five-day stochastic RSI remains in oversold territory. VisionPulsed views this as strengthening the case for an explosive move once momentum reverses.

The analyst expects the upside resolution between October and December. This timeframe coincides with historical peak periods for Bitcoin’s four-year cycle.

DOGE has traded sideways for approximately three months in the 17-20 cent range. The analyst considers this consolidation period as building pressure for a breakout.