DOGE and SHIB Surge: $5.35B Open Interest Signals More Upside Ahead
Dogecoin (DOGE) and Shiba Inu (SHIB), the top dog-themed meme coins, are consolidating at key support levels after last...
Quick overview
- Dogecoin (DOGE) and Shiba Inu (SHIB) are consolidating at key support levels after significant price movements last week.
- Dogecoin's Open Interest in futures surged from $2.73B to $5.35B, while Shiba Inu's increased from $215.87M to $328.49M, indicating rising trader interest.
- DOGE is currently trading at $0.26, with a critical support level at $0.24, while SHIB is at $0.000015, above its 200-Day EMA.
- Both cryptocurrencies show bullish indicators, with potential price targets of $0.31 for DOGE and $0.000017 for SHIB if key support levels hold.
Dogecoin (DOGE) and Shiba Inu (SHIB), the top dog-themed meme coins, are consolidating at key support levels after last week’s big move. Derivatives data shows continued buying interest, so maybe another leg up.
According to CoinGlass, Dogecoin’s Open Interest (OI) in futures went from $2.73B on Thursday to $5.35B on Tuesday—its highest since January 20. Shiba Inu followed a similar path, with OI going from $215.87M to $328.49M over the same period. Open Interest is the total number of outstanding derivative contracts and rising OI means more capital is flowing in and more traders are getting long.
Key stats over the last 5 days:
- DOGE OI: $2.73B → $5.35B (+96%)
- SHIB OI: $215.87M → $328.49M (+52%)
- Funding Rates:
- DOGE: 0.033%
- SHIB: 0.023%
These rising funding rates—longs are paying shorts—back up the bullish case as traders are betting on higher prices.
DOGE Price Outlook: $0.24 Key
Dogecoin broke above the multi-month trendline last Friday and went up 15.11% in two days. As of Tuesday, DOGE is down slightly at $0.26 but above the $0.24 support.
The daily RSI is 78, overbought, and the MACD is still in the bullish crossover since late June. The green bars above the zero line are getting bigger.
If $0.24 holds, DOGE could go to $0.31. If it breaks, it will retest the breakout zone at $0.22.
SHIB Forecast: Watching the 200-Day EMA
Shiba Inu closed above the 200-Day EMA at $0.000014 on Friday and went up 5.45% in three days. As of Tuesday, SHIB is at $0.000015.Indicators are still bullish. RSI is overbought and MACD is getting stronger. If SHIB stays above the 200-Day EMA, it could go to the May 12 high at $0.000017. If not, it will go back to $0.000013.
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