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Sujit Kumar
Feb 15, 2025
by Sujit Kumar

Dogecoin Eyes Breakout as ETF Hype Boosts Market Optimism

Dogecoin Eyes Breakout

Table of contents

  1. Open Interest Indicates Short Capitulation
  2. Looking Ahead: Critical Levels for Recovery
Dogecoin (DOGE) experienced a 3% price surge on Friday, extending its weekly gains to 17.3%, as ETF speculation continues to gain traction. This bullish breakout was partly fueled by the SEC’s acknowledgment of Grayscale’s XRP and Dogecoin ETF filings, which has spurred renewed market optimism.

Technical Analysis: Signs of Potential Breakout

Analysts note that Dogecoin has been trading near key resistance levels, with its price fluctuating between $0.244 and $0.25 following a bounce from a low of $0.201. The cryptocurrency is currently trading around $0.27991, having climbed 15.88% over the past seven days. The market is watching the midline of the Keltner Channel at $0.28185 as a potential pivot point. A successful breakout above this level could propel DOGE toward the upper band at $0.33012 and beyond.

Open Interest Indicates Short Capitulation

Data from Coinglass shows that Dogecoin’s open interest has dropped by $60 million over the last 48 hours, settling at $2.42 billion. This significant decline suggests that short traders are closing positions, reducing selling pressure and potentially setting the stage for a further rally.

Looking Ahead: Critical Levels for Recovery

While momentum indicators remain cautiously bullish—with the RSI at 45.63 climbing from oversold conditions—a sustained breakout above $0.30 is seen as a key target. Conversely, if DOGE retraces below $0.28, support at $0.23358 may be tested, potentially invalidating the current bullish outlook.

Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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Dogecoin Eyes Breakout
Dogecoin Eyes Breakout as ETF Hype Boosts Market Optimism
Sujit Kumar
Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.