Dogecoin (DOGE) is once again in the spotlight. Although its price is currently struggling to break through the key resistance at $0.25, several indicators suggest that the bulls are far from done. Open interest (OI) has now exceeded $3 billion, hinting at a potential breakout move ahead.
DOGE Price Dips, But Bullish Flag Pattern Remains Intact
At the time of writing, DOGE is trading at $0.2316, down 1.94% on the day. This mirrors Bitcoin’s slight pullback from its recent $104,000 high. Despite the drop, the chart shows a clear bullish flag formation, which could lead to a strong upward continuation.
If DOGE manages to break the $0.25 level, the technical target is as high as $0.368, marking a nearly 50% increase from current levels. This projection is calculated by adding the height of the flagpole to the breakout point.
What Are the Charts and Indicators Saying?
Over the past few days, DOGE has formed lower highs, but it is now pressing against the upper trendline. A daily candle close above $0.240 would likely confirm the breakout and trigger a renewed bullish rally toward the target.
Meanwhile, the Relative Strength Index (RSI) has bounced off the 50 level, suggesting that bulls still hold the upper hand despite recent volatility.
What Could Invalidate the Bullish Outlook?
The bullish scenario could be negated if DOGE drops below the $0.220 support level. In that case, a correction toward $0.180 could follow — a potential 18% downside from current prices.
Market Shows Confidence: DOGE Open Interest Surpasses $3B
Data from CoinGlass shows that DOGE's open interest in perpetual futures has reached $3.03 billion, up $280 million from its recent low of $2.75 billion. This growth highlights increased investor optimism surrounding the original meme coin.
In addition, the positive funding rate of 0.0105% signals that long positions dominate — traders are paying to keep bullish bets open, reinforcing the market’s upward bias.
A Break Above $0.25 Could Trigger Massive Short Liquidations
Looking at the liquidation heatmap, a move above $0.25 could unleash a wave of short liquidations worth around $62.87 million. This short squeeze could fuel a strong breakout and accelerate DOGE’s push toward $0.368.
Summary:
🔹 Dogecoin is forming a bullish flag pattern with a target of $0.368
🔹 Open interest has climbed to $3.03 billion
🔹 RSI supports the bullish trend despite recent corrections
🔹 A break above $0.25 could liquidate over $62M in short positions
🔹 A fall below $0.22 would invalidate the bullish outlook and open the door to $0.18
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