DOGE Soars Amid Looming Wedge Breakout and Record Open Interest

Dogecoin's open interest has reached its highest level since June, rising to $1.17 billion on August 11, according to data from Coinglass.

This surge in open interest coincides with a gain in Dogecoin's funding rate to 0.0095%, suggesting that long traders are willing to pay a fee to maintain their bullish bets on the meme coin.

The long/short ratio for Dogecoin has reached 2.72 on Binance and 5.11 on OKX, indicating that most futures traders expect the price to rise.

Dogecoin's price is currently trading at $0.070, up by 0.4% in the last 24 hours, as it forms a falling wedge pattern on the daily chart. If Dogecoin closes above this resistance level for three consecutive days, its price could gain by 10% and reach $0.077.

However, if Dogecoin fails to break through the resistance and falls back into the wedge pattern, its price could drop to test support at $0.068.