Dogecoin’s open interest has crushed more than $ 3 billion since January, triggering a lower feeling for the first piece of memes. This critical metric may still crash, given the current perspectives on the wider cryptography market.
Dogecoin’s open interest has been blocking more than $ 3 billion since January
Linen data Shows that the open interests of Dogecoin have crushed more than $ 3 billion since January and is currently $ 1.91 billion. THE Derivative volume also decreased by almost 30% and currently amounts to $ 3.71 billion. This evolution is lower for Doge because it indicates a decreasing interest in its ecosystem among traders.
Dogecoin’s open interest is likely to crash further into the interval, given the lowering feeling among investors. This lower feeling resulted from downward trend in the cryptography marketThis also led to a massive accident in the Dogecoin price. The first same corner is currently at risk of losing the level of psychological price of $ 0.2, which analysts like Ali Martinez warned could mark the end of his Bull Run.
Beyond the accident of the open interest of Dogecoin, other measures paint a downward image for Dogecoin and suggest that the decline could continue. In a post X, Martinez revealed that the activity of the DOGE network has been considerably contracted, with a new creation of addresses from 1.29 million in November to only 30,815 today.
Likewise, Doge’s active addresses increased from 2.66 million in November from last year to around 130,282 today. In the meantime, Doge Choose to stay on the touch in the middle of this downward trend. Their absence could also contribute to a new downward trend, given their usual impact on the price of the memes play.
The goal of $ 1 still in play despite the downward trend
Cryptographic analyst Tarden late suggested that the price of Dogecoin can always reach the long -awaited objective of $ 1 despite this market downward trend. In a post X, he revealed that the first most important piece of memes follows the same model as the Bull Run 2017. In accordance with this, he said that Doge was ready for the next wave.
The analyst’s support graph has shown that the Dogecoin price could reach $ 1.7 when this next wave occurs. Crypto Dogicital analyst said DOGE moves to $ 1.7 when this consolidation phase is finished. He pointed out that this movement would reflect the preceding cycles where the same piece has reached the same parallel level of resistance.
Meanwhile, the analyst is always convinced that the The price of the Dogecoin could Finally rallying to $ 10 in this market cycle. This is based on a parallel channel which, according to him, reflects the 2017 and 2021 bull cycles.
When writing data from CoinMarketCap.
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