Dogecoin futures show a bullish trend as whales turn bullish

According to Coinglass, Dogecoin has experienced a significant increase in open interest (OI), jumping from $253 million to $433 million in just one week. Looking at previous data, this rise is quite evident. On February 9th, the open interest was only $175 million, and now it has reached its highest level in nearly four months.

But open interest alone isn't enough to predict a rise in Dogecoin's price. The market is considered bullish only if the price is rising, which is indeed happening. Over the past two days, Dogecoin's price has increased from $0.099 to $0.106 at the time of writing this report. Yesterday, it briefly reached $0.112.

An analysis conducted by CoinGape indicated that meme coins are currently only rising, which may explain what is happening with Dogecoin.

Based on what is happening in Hyperliquid, it cannot be confirmed that the main accounts are unbiased. They only entered buy positions two days ago and have opened buy bets worth $14 million.

This now shows that whales are not at all pessimistic, even after the recent increase. They still expect Dogecoin's price to rise again.
Dogecoin price heading towards a 29% increase
The daily chart shows that Dogecoin's price is oscillating between two bullish trends. It has just broken above the resistance level of the falling wedge pattern, marking the beginning of the first large green candle. Today, Dogecoin forms another candle above this line.

If a third candle appears above this line, it will confirm that gains are indeed happening. This means that the current gains are just the beginning of what will happen later, and the long-term outlook for Dogecoin's price could indeed be positive.

Another development is the formation of a circular bottom. From the lowest point to the highest point, Dogecoin's price has increased by 29%. This suggests it could reach $0.14 soon.