Dogecoin (DOGE) maintained its upward trend and hit the intra-day high around the 0.2210 level. The reason for its upward trend can be attributed to the surge in bullish sentiment and speculation regarding its potential implementation on the social-media platform X. This rise marked a significant increase since December 2021, with the coin trading at 22 cents, reflecting a 17% increase in 24 hours.

Despite relatively steady performances in the broader cryptocurrency market, Dogecoin’s increased trading volumes, reaching $7 billion in 24 hours, and rising futures open interest nearing $2 billion, indicate growing interest and bets on price volatility.

Dogecoin (DOGE) Surges in Open Interest and Price Amid Rumors of Integration and Elon Musk’s Support

It is worth noting that Dogecoin (DOGE) has experienced a substantial surge in both its open interest and price. According to Coinglass, open interest in DOGE has soared by 32.89%, reaching $2.17 billion, mainly concentrated on platforms like Binance, Bybit, and BingX. This surge coincides with a significant price increase, with DOGE trading at $0.2153, up by 17.76% in the last 24 hours.

This positive momentum is driven by rumors of DOGE being integrated into X’s payment systems and Elon Musk’s support, showing growing investor confidence. These developments could lead to more widespread use of Dogecoin in everyday transactions, signaling a bright future for the meme coin.

Therefore, the surge in open interest and price, coupled with rumors of integration into X and Elon Musk’s backing, indicates growing investor confidence and potential for broader adoption, boosting Dogecoin’s prospects.

Dogecoin’s (DOGE) Price Surge Amidst Whales’ Profit-Taking and Accumulation Dynamics

Dogecoin (DOGE) gained significantly on Thursday amid the positive crypto market trend, indicating a potential upward movement. However, major DOGE holders, known as whales, made substantial transactions totaling 333 million DOGE, valued at around $65 million. Notably, a whale transferred 250 million DOGE to Robinhood, suggesting profit-taking, which might trigger selling.

Nonetheless, another whale bought 83 million DOGE from Robinhood, boosting DOGE’s price. Currently priced at $0.2029, DOGE’s market cap nears $30 billion, ranking it 8th by market cap, surpassing Cardano (ADA).

Therefore, the surge in Dogecoin (DOGE) price, driven by positive market momentum, faces potential sell-offs as whales move significant amounts, signaling profit-taking.

Dogecoin Price Forecast

Dogecoin’s technical landscape on March 29 shows a bearish trend, with a close at $0.2157, marking a 2.00% decline. The breach of the $0.2190 support underscores this sentiment, pivoting around $0.2288.

Immediate support is at $0.2035, with further cushions at $0.1888 and $0.1762. Resistance levels are staggered at $0.2437, $0.2557, and $0.2681, challenging any upward trajectory.

The Relative Strength Index (RSI) stands at 66, suggesting potential overvaluation pressures. The 50-Day Exponential Moving Average (EMA) hovers at $0.1756, reinforcing the bearish outlook.

A bullish shift is contingent on breaking above the $0.2288 threshold, which could propel Dogecoin to higher resistance levels.