Dogecoin （DOGE） has reached its highest monthly level, with open interest up by 19%. This article examines the recent market movements, expert opinions, and potential risks for DOGE investors.
Points
- Dogecoin’s price reached its highest monthly level, with open interest up 19%.
- Experts believe DOGE is primed for an aggressive upward move.
- Market sentiment is shifting towards greed, according to the Crypto Fear and Greed Index.
Dogecoin （DOGE） has recently reached its highest monthly level, with open interest jumping 19% to $647.19 million over four days. This surge has prompted mixed reactions among crypto traders and experts.
Market Movements: According to pseudonymous crypto trader Shelby, DOGE is breaking out and appears primed for an aggressive upward move. Historically, Dogecoin’s price breakouts have catalyzed increases in other altcoins like Floki （FLOKI） and Shiba Inu （SHIBUSD）.
Expert Opinions: While traders like Cheds and CryptoBoss are optimistic, pointing to the “nice base break” on Dogecoin’s price, others like Magnate warn against FOMO （Fear Of Missing Out）, advising traders to wait for potential pullbacks to lower price levels. A significant pullback could liquidate approximately $47.23 in long positions.
Market Sentiment: The Crypto Fear and Greed Index, which tracks market sentiment towards Bitcoin and crypto, has risen to a “Greed” score of 74, up from an “extreme fear” score of 33 last week. This shift indicates growing optimism among investors.
Explanation
- Market Movements: Dogecoin’s price breakout and increased open interest suggest strong market activity and potential for further gains.
- Expert Opinions: While some experts are bullish, others caution against FOMO and potential pullbacks, highlighting the risks involved.
- Market Sentiment: The shift towards greed in the Crypto Fear and Greed Index reflects growing investor optimism, potentially driving further price increases.