Dogecoin price jumps 15% to $0.24 as BTC correlation accelerates A rise in open interest and trading volume points further to the upside.
Dogecoin's price rose more than 15% on Friday, reaching $0.24 at press time. As capital flows into the memecoin sector accelerate, trends in the BTC/DOGE correlation and increased derivatives market activity suggest that Dogecoin may be poised for another explosive move.
Dogecoin price surges another 15% as DOGE/BTC correlation sharply reverses
Dogecoin (DOGE) has staged a vertical rally over the past 48 hours, adding more than $10 billion to its market cap in a strong response to renewed risk appetite.
While Bitcoin remains below $105,000, DOGE has emerged as a dominant short-term play for traders taking advantage of market sentiment."
DOGE is currently trading at $0.2365, up 15.1% on the day and up nearly 14.9% against Bitcoin, with the DOGE/BTC pair printing 0.052289 BTC.
This relative strength marks a significant inflection point in the DOGE/BTC correlation, which has now reversed decisively bullishly for the first time since early 2024.
The DOGE rally appears to be driven by a short-term capital reallocation away from BTC into higher-volatility assets, with traders favoring speculative altcoins in anticipation of a continuation of broader market risk.
The current dynamic is consistent with $DOGE 's historical behavior, where the token often sees large gains during Bitcoin's consolidation phases.
In the current case, DOGE's breakout above the $0.20 resistance zone with increased volume confirms growing confidence among short-term speculators, while price stability near daily highs indicates limited profit-taking pressure so far.
A $670 million increase in Dogecoin open interest signals further gains ahead.
The sharp rise in Dogecoin's spot price is now being validated by an even sharper rise in derivatives market activity.
Open interest in DOGE futures has surged 23.52%, rising $670 million to $2.76 billion in 24 hours, ahead of the token's 15% rise in price over the same period.
This difference not only highlights the price bullish action but also a deep determination among traders who are anticipating further increases, as more capital is now actively engaged in $DOGE positions on major exchanges.
The increase in incremental open interest volume, up 14.07% to $7.22 billion, suggests DOGE's market depth is improving.
This can help stabilize the asset during near-term pullbacks while offering a cushion against sudden spikes in volatility.
Notably, the options market is also showing a strong directional bias. Options volume rose 26.96% to $410.4 million, and open interest in DOGE options surged 69.35% to $631,910, reflecting strong speculative demand from sophisticated traders looking to capitalize on near-term exposure.
Further reinforcing the bullish outlook is the long/short ratio at the top exchanges. On Binance, the long/short account ratio is 2.308, while OKX reports a ratio of 2.49, indicating clear bullishness in the trader's positioning.
Among the top traders, the imbalance is even more pronounced, with Binance showing a long/short position ratio above 3.1. These metrics point to widespread belief that the current rally has room to expand.
In conclusion, increased price action, increased open interest, and bullish sentiment in both the futures and options markets suggest that Dogecoin is not simply in a short-term speculative phase.
Dogecoin Price Prediction Today: DOGE Eyes $0.26 as Bullish Momentum Accelerates
Dogecoin price prediction indicators are bullish after a 15.69% rally on Saturday, May 10, 2025.
Trading at $0.2375, $DOGE price has now decisively broken above its Keltner Channel midline resistance, and is now eyeing a move towards the $0.26-$0.28 range.
This strong breakout coincided with a significant increase in DOGE trading volume and a widening of Keltner channels, indicating increased volatility that often precedes continuation rallies.
The Relative Strength Index (RSI) now sits at 79.71, in overbought territory, which usually signals caution but could indicate strong bullish sentiment and continued momentum in the wake of a breakout rally.
The BBP (Bollinger Band Percentage) has risen sharply to 0.06458, confirming a bullish expansion phase as DOGE decisively breaks out of its previous compression range.
A deviation of the RSI from its moving average emphasizes further intensification of bullish pressure. Moreover, DOGE's candles have broken above the upper Keltner band at $0.22, invalidating prior resistance.
This move reflects similar technical action observed in the Bitcoin price forecast today, where BTC also shows strength above key moving averages with elevated RSI levels, offering broader market support to DOGE's rally.
While a short pullback due to short-term overextension cannot be ruled out, the structure holds as long as DOGE remains above $0.21.
Bears will need a BBP reversal to reject below the Keltner Midline and regain control, but current price action suggests bulls are setting the tone toward the $0.26 liquidity pocket.
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