BroadChain learned that at 17:16 on April 24, according to NewsBTC, Dogecoin price rebounded with Bitcoin above $76,000, with a 7-day increase of over 10%, and open interest surged to over $1.2 billion, hitting a two-month high. Coinglass data shows it peaked at $1.4 billion, and although it has slightly declined, it remains at a high level.
Typically, open interest is positively correlated with price. If DOGE continues to rise, positions may further increase; conversely, they could plummet sharply. Analyst The Alchemist Trader pointed out that declining trading volume may signal consolidation. After the price holds the support level of $0.07, it is expected to see a gain of over 40%, with a target of $1.4.