Dogecoin price pops as volume and open interest surge

Dogecoin (DOGE) has experienced a strong bullish breakout, driven by a renewed interest in meme coins and a broader market boost from Bitcoin surpassing the $68,000 mark.

The popular meme coin surged to $0.1283, marking its highest price since September 29. This move puts DOGE firmly in a bull market, having gained 56% from its August lows.

The rally occurred amid high trading volumes, with 24-hour volume hitting $2.25 billion, the highest in over two weeks, according to CoinGecko. Similarly, the futures market saw an uptick, with open interest rising to $768 million, the highest level since June 19. This surge in open interest signals growing demand and investor confidence in Dogecoin.

Dogecoin’s recent surge has mirrored the performance of other meme coins, which have seen strong gains in recent weeks. For example, Bonk (BONK) has risen 14.2% in the past seven days, while coins like Brett, Neiro, and Cat in a Dog’s World have each jumped by over 20% during the same period.

The rally coincided with a broader rebound in cryptocurrency interest, spurred by Bitcoin’s breakthrough past the $68,000 resistance level for the first time in weeks. Additionally, spot Bitcoin ETFs recorded $371 million in inflows on October 16, bringing total net inflows for the year to over $19.7 billion.

Meanwhile, Dogecoin’s price rose amid speculation that Tesla might be planning to buy DOGE. The rumors gained traction after Tesla transferred $225 million worth of Bitcoin to unknown wallets. Given Elon Musk’s history of supporting Dogecoin, analysts see this as a potential move that could further boost the meme coin’s value.

Dogecoin nears key resistance

Dogecoin (DOGE) has experienced three consecutive days of gains, reaching its highest price level since September 30.

The cryptocurrency has broken above both the 50-day and 200-day Weighted Moving Averages, setting the stage for a potential golden cross. Historically, the last time Dogecoin formed this bullish pattern in November, it surged by over 53%.

Additionally, DOGE has surpassed the ascending trendline that connects the lowest points since August, reinforcing its upward momentum.

To confirm further gains, Dogecoin will need to rise above the key resistance level at $0.1318—its highest point on September 28. A breakout above this level could signal a continuation of the rally, with the next target set at $0.1440, its highest point since June 21.