Data: The number of unsettled DOGE contracts hits a new high, reaching 10.35 billion DOGE
According to CoinDesk, the number of open contracts in the Dogecoin (DOGE) futures market has hit a new high, reaching 10.35 billion DOGE, surpassing the peak of 10 billion DOGE in March 2024. This indicates an influx of new funds into the market that could drive price volatility.
Historical data shows that January is the best performing month for DOGE with an average return rate of 85%. Technical indicators show that DOGE's 50-day simple moving average (SMA) has broken through, indicating a bullish trend. Analysts predict a short-term target price of 50 cents and some big players are optimistic about reaching $1 by 2025.
In addition, whale trades worth more than $100,000 have surged dramatically further indicating rising demand. The analysis also points out that trading volume is lower than its peak in 2021 and investors need to be cautious when dealing with current resistance at 40 cents.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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