Traders are increasing positions as Dogecoin’s price “breaks”, reaching a monthly high on July 20. However, not everyone is convinced that the bullish pattern has been confirmed yet.
“DOGE looks set to explode and go aggressive,” anonymous cryptocurrency trader Shelby wrote in a July 20 post on X. They reiterated that Doge’s price explosion has previously been a “catalyst” for other altcoins to follow suit. These include Floki (FLOKI) and Shiba Inu (SHIB), which are up 37% and 3.89% respectively, according to CoinMarketCap data.
Meanwhile, cryptocurrency trading accounts Cheds and CryptoBoss pointed to a “nice base break” in the Dogecoin price, claiming that it is “breaking out.” DOGE is currently trading at $0.1336, up 18.82% over the past seven days.
Meanwhile, pseudonymous crypto trader Magnate warned his followers, “Don’t FOMO here, the pullback will give you lower prices.” A 10.6% drop to $0.1194, the level seen seven days ago, would liquidate a long position of around $47.23.
According to CoinGlass data, Dogecoin recently achieved its highest level of open interest (OI) in July. OI, a metric that measures the total value of open or “outstanding” Bitcoin futures contracts across exchanges, soared 19% over the four-day period to $647.19 million.
The Doge price surge follows a major move in market sentiment indicators.
According to the Crypto Fear & Greed Index, overall market sentiment is growing.
This indicator, which tracks market sentiment toward Bitcoin and cryptocurrencies, recorded a “greed” score of 74, up 41 points from last week’s “extreme fear” score of 33.
Related: Is Dogecoin Mimicking the 2020 Fractal That Surged DOGE Price by 15,800%?
The price surge follows recent speculation over whether Dogecoin could replicate its previous performance, which saw it hit an all-time high of $0.73 a year after the previous Bitcoin halving in May 2021.
The Dogecoin price hit an all-time high of $0.73 on May 8, 2021, one year after the 2020 Bitcoin (BTC) halving.
If this pattern repeats, Dogecoin price will hit a new all-time high in April 2025. However, it is difficult to apply technical analysis to Mimecoin, as its value is speculative.
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This article does not contain any investment advice or recommendations. All investment and trading moves involve risk, and readers should conduct their own research when making decisions.