Dogecoin Price Forecast: Another 25% Rise on the Horizon

Dogecoin’s DOGE price has experienced a recovery after hitting a low of $0.12 in early May. Despite being currently stuck below the $0.16 mark, it is expected that this barrier can be overcome. Investors’ bullishness towards Dogecoin has resulted in an increase in long contracts, leading to a rise of around $200 million in Open Interest within two days. This surge in open interest suggests positive market sentiment and potential future price movements. The rise in price could come soon, as Dogecoin still has room to grow, with only 83% of its circulating supply currently in profit. Typically, a rise in profits indicates potential selling, but it is important to note that in order to reach a market top, 95% of the supply would need to be in profit. Should Dogecoin break the resistance at $0.16 and flip it into support, it could rally towards $0.18 and potentially even reach $0.20, resulting in a 25% increase and helping the meme coin recover from recent losses. However, if this resistance is not breached, Dogecoin could fall to $0.15, and losing support at this level could invalidate the bullish thesis, potentially leading to a decrease to $0.12.