Dogecoinโs price action caught tradersโ attention this week. After dipping toward the $0.13โ$0.15 demand zone, the memeโcoin shot higher, and a surge in derivatives data suggests many expect more gains.
Trader Interest Climbs Around $0.19 Resistance
According to market data, Open Interest jumped by 16% to reach over $2 billion. Options volume exploded by 400%. That kind of rise often points to big bets on upward swings.
Right now, many eyes are on the $0.20 resistance level. If DOGE can close a daily candle above that line, it may clear the way toward $0.27.
Dogecoinโs technical setup is drawing fresh looks from chart watchers. The Stochastic RSI crossed above 80, which can mark an overbought zone.
Yet coins have stayed above overbought readings before when buyers kept pushing. Traders will want to see real volume behind any move above that descending trendline near $0.19. Without it, the rally may stall or give back gains.
Whales Return With Spot Inflows
Based on reports, Dogecoin saw a net inflow of $8.20 million into spot wallets. That marks a big shift after weeks of outflows. Large holders have been moving coins onto exchanges in the past, but now theyโre pulling more in. In other cycles, fresh whale buys have lined up with midโterm rallies.
Onโchain metrics add another layer. Dogecoinโs MVRV Zโscore climbed back to 0.355 after hitting nearโhistorical lows late in June. That figure measures how much profit holders stand to make on average.
A rising score hints that fewer holders are underwater, and that might draw in new buyers. Still, MVRV is backwardโlooking. It canโt predict if price will break through key resistance.
Network Activity Shows Mixed Signals
Network stats tell a mixed story. Daily active addresses slid to 34โฏK, and transaction counts dropped to 15K as of Julyโฏ3. Thatโs a sharp fall from the more than 500K addresses and transactions seen in the last week of June. Lower usage could sap the rallyโs legs if retail traders donโt reengage soon.
Even with these mixed signals, the mood toward Dogecoin is brighter than it was a week ago. Traders piling into options and hikes in Open Interest show speculative appetite is up.
Large spot inflows show that whales have stepped back in. But network usage is lagging. If daily addresses and transactions donโt bounce back, bulls may find it harder to sustain the push.
Featured image from Meta, chart from TradingView
