Dogecoin (DOGE) Futures Open Interest Spikes 40%, Signaling Possible Price Peak
Cryptoglobe
17 Nov 2023 5:11 PM
Over the past 24-hour period, Dogecoin (DOGE) futres contracts’ open interest surged by around 40%, suggesting there’s heightened risk appetite among traders in a trend that has historically signaled local price peaks in the realm of cryptocurrency markets....
- Dogecoin (DOGE) futures contracts' open interest has increased by around 40% in the past 24 hours, indicating a higher risk appetite among traders.
- The number of open futures contracts has surpassed 7 billion DOGE, reaching levels last seen in April.
- Binance holds nearly half of the total futures positions, followed by Bybit and OKX.
- The longs-to-shorts ratio is 50% on each side, suggesting traders have diversified their positions.
- While a rise in open interest is typically bullish, an excessively high or sudden spike can be a bearish indicator.
- Crypto analyst Crypto Tony predicts DOGE's price could surge to around $0.085.
- Dogecoin gained significant search interest during its 10,000% price rally in 2021.
- Dogecoin was created as a joke in 2013 but has a community known for philanthropic projects.
The article provides a mix of positive and neutral sentiment. The increase in open interest suggests bullish sentiment among traders, but the mention of a potential bearish indicator and the analyst's prediction add some caution.
You May Ask
What is the significance of the surge in Dogecoin futures contracts' open interest?Which exchanges hold the majority of the futures positions for Dogecoin?What does the longs-to-shorts ratio indicate about traders' positions?What is the prediction made by Crypto Tony regarding Dogecoin's price?How did Dogecoin gain attention during its price rally in 2021?