Dogecoin Price on Brink of Historic Rally as Futures Open Interest Surges

Dogecoin's price is showing signs of a potential explosive rally, according to a historic market structure pattern.

A similar setup appeared in 2017 and 2020, where the DOGE price formed a bottom, consolidated near support, broke down, and then launched powerful rallies. This time around, Trader Tardigrade is predicting that Dogecoin might accelerate towards $2 and beyond.

The growth in DOGE futures has also become apparent, with open interest surging to $3.12 billion. This indicates increased positions being made by traders, as they position themselves for a possible big move. However, the rise in open interest also creates an opportunity for further volatility in the future.