Dogecoin Sees Surge in Interest as Price Hits 34-Day High, Traders Speculate on Future Growth

Dogecoin (DOGE) is seeing a surge in interest among future traders, particularly as its price reaches a notable high, marking the highest level in 34 days. As of July 20, the price of Dogecoin has risen to $0.1336, showing an 18.82% increase over the past week. This uptick has led many traders to ramp up their positions, with some showing bullish sentiment about the coin’s potential for further growth.

Prominent crypto trader Shelby shared on social media that Dogecoin’s price “is breaking out” and is well-positioned for an aggressive uptrend. This sentiment reflects a broader trend, where Dogecoin’s price movements impact other altcoins like Floki and Shiba Inu, which have seen increases of 37% and 3.89% respectively. However, not all analysts share the same optimism; some traders are advising caution, suggesting that current highs may result in a pullback. This caution comes amidst considerations that a drop back to $0.1194 could lead to significant liquidations in long positions.

In addition to the price movement, Dogecoin recently witnessed a rise in open interest, which indicates the total value of outstanding futures contracts. Open interest jumped 19% to $647.19 million over a four-day period. As the crypto market sentiment improves, reflected in a “Greed” score of 74 on the Crypto Fear and Greed Index, traders speculate about Dogecoin potentially repeating its past performance. Some predict that if Dogecoin follows a pattern similar to its 2021 surge, it could reach significant price heights once again, potentially peaking around April 2025 if historical trends hold true. However, analysts caution that predicting prices for memecoins like Dogecoin can be speculative and risky.