- Dogecoin trades around $0.18108 with support forming near the $0.165 and $0.10 levels.
- Futures open interest for DOGE has surpassed $1B, indicating a surge in speculative activity.
- A monthly close above $0.20 could unlock gains and ignite a strong rally toward $0.74.
Dogecoin ($DOGE) is on the verge of a crucial moment, as a monthly close above $0.20 could ignite a powerful rally toward its $0.74 all-time high. A breakout at this level would confirm strong bullish momentum, potentially drawing fresh investor interest and fueling renewed hype around the memecoin.
Critical Levels Highlighted in The Technical Analysis
Analyst Ali Martinez has shared a new analysis on X, suggesting Dogecoin could ignite a powerful rally if it closes above $0.20. At press time, Dogecoin trades at $0.18108, up 8.66% monthly, setting the stage for a potential breakout. If confirmed, the move could drive Dogecoin toward its 2021 all-time high of $0.73905.
The chart shows Dogecoin trading within a strong ascending channel extending from 2017 to 2025. Besides, Dogecoin is testing the 0.786 Fibonacci retracement level at $0.19183, a key resistance point. A monthly close above $0.20 could unlock next targets at $0.35 and $0.55, reflecting prior 2021 price action.
Moreover, the Fibonacci extensions project extremely bullish targets at $4.10, $10.04, and even $36.32 under ideal market conditions. However, immediate attention remains on the $0.20 barrier, where strong investor interest is building. Consequently, strong support zones at $0.165 and $0.10 are providing a solid base for potential upward movement.
Historically, Dogecoin’s major rallies have followed after breaking critical resistance lines within its long-term channel. Hence, traders are now focusing on the monthly close as a possible confirmation for renewed bullish momentum and wider investor excitement.
Related: Will Dogecoin Break Through $0.17 Resistance or Drop Lower?
Dogecoin Futures Open Interest Surges Significantly
Besides technical patterns, on-chain data from Coinglass shows a sharp rise in Dogecoin futures open interest, reaching over $1 billion in late April 2025. Additionally, historical trends show that open interest and Dogecoin’s price have often moved together during past market surges.
The current open interest aligns with Dogecoin’s price recovery, suggesting strong speculative activity. In the past, particularly during the 2021 bull run and in recent months, periods of high open interest coincided with significant price surges for Dogecoin. This growing open interest could indicate larger market moves if key price levels are surpassed.
