$DOGE jumped 4% to $0.206 on Monday after weekend lows, driven by an increase in open interest in futures and a decline in trading volume. Technical indicators suggest potential for further growth if DOGE overcomes key resistance levels.
Open interest in futures rose by 2.63%, exceeding $3.01 billion, while trading volume decreased by 8.9%, indicating that traders were taking long positions using borrowed funds.
Technical analysis shows that DOGE is testing the resistance of the moving average at $0.206, while the RSI is recovering from an oversold state to 46.70.
A breakout above $0.21 could trigger a rally to the resistance zone at $0.24, while failure may push the price back to support at $0.188.
Dogecoin On Monday, August 4, the price increased by 4%, reaching $0.206 after a drop to $0.19 over the weekend. This movement was accompanied by a strategic bullish trend in the Dogecoin futures markets, which portends further growth.
According to Coinglass, open interest in Dogecoin rose by 2.63%, exceeding $3.01 billion, while trading volume in futures decreased by 8.9%. The decline in volume indicates that most DOGE traders preferred to maintain their long positions using leverage over the last 24 hours.
Such dynamics indicate that optimistic traders holding their long positions in DOGE with borrowed funds over the weekend are now showing a noticeable increase.
Dogecoin derivatives market data | Coinglass, August 4, 2025
Data on leading traders also reflect a positive shift in market sentiment, with Binance long/short positions for DOGE/USDT reaching 2.7693, while OKX DOGE long/short positions stand at 3.89. Meanwhile, the long/short positions of the largest traders #Binance DOGE are at 2.8642.
These elevated long-to-short position ratios amid more than $100 million in intraday capital inflow confirm that leading traders are overwhelmingly bullish, further validating forecasts for DOGE price recovery.
Price forecast $DOGE : will DOGE be able to hold above $0.21 and break through to $0.24?
The price of Dogecoin rose by 10.75% over two days, recovering half of last week's 20% drop. Technical indicators show that the price of DOGE is testing the 5-day simple moving average (SMA) at $0.201, while the upper wick of the daily candle is hitting resistance at the 8-day SMA at $0.206.
If #dodgecoin breaks above the 13-day simple moving average at $0.20958, it could pave the way for a retest of the resistance zone at $0.24 and confirm a full recovery after the recent downtrend.
Dogecoin price forecast | DOGE
Confirming the optimistic sentiment, the Relative Strength Index (RSI) for Dogecoin currently stands at 46.70, up from a weekend low of 39, signaling neutral dynamics with potential for growth before reaching overbought levels. On the other hand, if DOGE does not close above $0.21 within the next 24 hours, sellers may regain control. A rebound could bring the price back to the $0.188 zone.
In summary, the current price situation of Dogecoin favors bulls in the short term, but it needs a sustained consolidation above the $0.21 area to regain positions higher towards $0.24.
