Dogecoin Open Interest Averages $2 Billion In June As Price Struggles Below $0.2

Dogecoin's open interest has been averaging around $2 billion since the start of June, which is a drop from the $3.07 billion recorded on May 11. The drop in open interest can be attributed to the decline in Dogecoin's price since May. Open interest refers to the amount of interest in the derivatives market for a particular asset, and a drop in this metric is usually bearish. Despite the drop, Dogecoin's open interest is still above the monthly average recorded in March and April. Crypto analyst BitMonty expects Dogecoin to bounce back amid this drop in open interest, predicting a rally to as high as $0.26420. BitMonty notes that Dogecoin is testing the 0.618 Fib retracement and the lower boundary of a falling wedge, which is a high confluence bounce zone. Crypto analyst Trader Tardigrade also suggests that Dogecoin may be setting up for a bullish reversal, citing a return to the previous swing low and a higher low on the RSI. Trader Tardigrade predicts that Dogecoin could experience a significant surge before entering a prolonged falling wedge pullback, potentially reaching $30 by 2029. At the time of writing, Dogecoin's price is trading at around $0.18, down over 3% in the last 24 hours. Despite the current bearish outlook, analysts are optimistic about Dogecoin's potential for a reversal and future price surge.