Dogecoin Price Prediction: Rising Open Interest and Whale Activity Signal Potential Rally

Dogecoin (DOGE) is showing renewed bullish momentum after breaking out of a falling wedge pattern, suggesting that the meme coin may not be done climbing yet. At the time of writing, Dogecoin price is trading around $0.106, reflecting a solid 12% gain over the past week. This upward movement is being supported by increasing market participation and strong sentiment among large investors.

One of the key indicators fueling optimism is the sharp rise in Dogecoin’s open interest (OI). According to data from Coinglass, OI has surged from $253 million to $433 million within a week, marking its highest level in nearly four months. For broader context, open interest was just $175 million on February 9, highlighting the rapid growth in trader engagement. Rising OI alongside increasing price typically signals strong bullish sentiment, indicating that more traders are opening positions in anticipation of further gains.

Price action further supports this outlook. Over the last two days, DOGE has climbed from $0.099 to $0.106, briefly touching $0.112. This steady increase aligns with broader trends in the meme coin sector, which has recently experienced renewed buying interest. On derivatives platform Hyperliquid, top accounts have reportedly opened $14 million in long positions, reinforcing the view that whales remain confident in continued upside.

From a technical perspective, Dogecoin has broken above key resistance from the falling wedge pattern, forming consecutive bullish candles. If a third strong candle confirms the breakout, it could validate the start of a larger upward trend. Additionally, a rounding bottom pattern suggests a potential 29% move, placing a near-term target around $0.14.

Momentum indicators also support the bullish case. The Awesome Oscillator (AO) shows expanding green bars, indicating strengthening buying pressure. However, the Relative Strength Index (RSI) is approaching overbought territory, which could trigger short-term consolidation or minor pullbacks before further gains.

Overall, rising open interest, whale accumulation, and strong technical signals suggest that Dogecoin price could be gearing up for a significant move higher, though traders should remain cautious of temporary corrections.