Dogecoin Price Eyes $0.31 as Open Interest Hits 30-day High

Dogecoin (DOGE) price jumps 11% today to hit the $0.2280 mark and marks a key level breakout. The Dogecoin breakout rally targets $0.31 as short liquidations hit almost $6 million. If the bull run continues, an $18.46 million short liquidation risk awaits at $0.2346. Will this propel DOGE price to $0.31? Dogecoin Price Targets $0.31 With Pattern Breakout Dogecoin price rally gains momentum with its fifth positive day, accounting for almost a 30% surge. The technical chart reveals a rounding bottom breakout, as the DOGE price rally surpasses the $0.20 supply zone. Dogecoin fell nearly 75% from $0.4846 to $0.1298 between December 8, 2024, and April 7, 2025, in 120 days. However, a bullish curvature under $0.20 led to a rounding bottom pattern. On May 9, DOGE price marked a conclusive breakout with a daily closing price of $0.2049. The 55% estimated rounding bottom breakout rally is estimated by adding its depth to the neckline breakout point, targeting $0.3159. The meme coin rally has flipped the Supertrend Indicator with a $0.1863 breakout, signaling a new uptrend in motion. Additionally, the rising MACD and signal lines regain positive alignment after a few minor volatility-driven fake-crossovers. Thus, the technical indicators bolster the bull run chances for Dogecoin. Retracing Fibonacci levels over the 75% DOGE downfall highlights the 50% level at $0.3040. The Dogecoin price prediction of $0.31 forecasts the 50% level breakout, hinting at a potential bullish extension. On the flip side, a pullback under the $0.20 psychological level will undermine DOGE’s upside potential to $0.31. A $0.20 breakdown will put the $0.1411 support level on bearish radars. Bullish Narrative Pumps DOGE Open Interest to 30-Day High Amid the skyrocketing DOGE prices, sentiments surged in the derivatives field, as Open Interest (OI) hit $2.29 with a near 10% jump. The OI spike has recovered the lost ground during the tariff-driven downfall, a reflection of renewed traders’ interest. Furthermore, the OI weighted funding rate at 0.0106% spikes to a 30-day high, maintaining an overall positive flow since early April. Hence, it projects a heightened bullish intent of Dogecoin traders. $18.46M Liquidation Risk Teases Short-Squeeze Move With Dogecoin sustaining above $0.20, the risk of increased short liquidation grows. According to Coinglass, a near 2% surge to $0.2346 will shake out bearish positions worth $18.46 million, potentially leading to a short-squeeze driven DOGE price rally. Hence, bulls anticipate further gains as Dogecoin sustains momentum, increasing short liquidation risk. Frequently Asked Questions (FAQs) Dogecoin targets $0.31, with a breakout from the $0.20 supply zone and strong technical signals. Factors like a bullish continuation of 2% could cause $18.46 million worth of short liquidations, potentially triggering a short-squeeze. A 30-day high in OI indicates renewed trader interest and a strong accumulation phase, with traders expecting further price surge. ✓ Share: Coingape Staff CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article. Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss. Source: https://coingape.com/markets/dogecoin-price-targets-0-31-as-2-jump-risks-31-85m-liquidation/