Analyst Predicts $5.6 Dogecoin Price Breakout as Open Interest Rebounds

Monicah W

Analyst Predicts $5.6 Dogecoin Price Breakout as Open Interest Rebounds

A Dogecoin (DOGE) price breakout past its previous All-Time High (ATH) price is gradually becoming possible amid the current market setup. While still tied in a long-drawn consolidation, a potential breakout is ahead for the memecoin, according to predictions from market analysts.

Dogecoin Price and Open Interest Outlook

As of this writing, DOGE’s price has changed hands for $0.1569, which has increased by 3.3% in the past 24 hours. This price trend is a testament to how resilient the DOGE price is, having traded at a low spot value of $0.1532. The memecoin has traded at a very close range during this period.

The current DOGE outlook shows a bullish trend in the futures market as showcased by Open Interest data. Data from Coinglass pegs the total Dogecoin committed to the futures market at 9.87 billion DOGE. This was valued at $1.54 billion and has skyrocketed by more than 5% in 24 hours.

Top crypto exchanges like Binance, OKX, and Bybit saw the highest DOGE open interest record. While the price traded at a relatively close range, the open interest commitment proves that traders with leverage are betting on the asset. 

DOGE Price to $5.6?

Optimism trails Dogecoin, despite its spot value now trading down 78.71% from its ATH of $0.7376. Market analyst Dogedog told his more than 58,600 followers on X that the price of DOGE is heading to $5.6.

While Dogegod did not provide a timeline or much context for his prediction, he highlighted how the memecoin breaks falling wedges. The analyst is not alone in his projection for the coin, as an earlier DOGE price analysis, Ali Martinez, predicted a $0.29 rally for the asset in the near term.

Although this price trend is not unrealistic, the broader market slowdown may serve as a bottleneck. Key performance metrics already tipped the Dogecoin price in line for a short-term breakout. With trading volume up 6% to more than $586 million as of writing, retail interest in the coin has further skyrocketed.

Dogecoin remains the lead among altcoins being considered for an exchange-traded fund (ETF) product. As reported earlier by CoinGape, 21Shares filed for a spot Dogecoin ETF, the latest asset manager to make the move. The belief is that an approval can usher in institutional funds, which can help fuel the coin’s price growth.

The post Analyst Predicts $5.6 Dogecoin Price Breakout as Open Interest Rebounds appeared first on CoinGape.

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Ethereum DeFi Ecosystem Sheds $29 Billion in 30 Days as BTC/ETH Ratio Hits All-Time Highs

Ethereum Price Remains In Deep Correction As Standard Chartered Slashes ETH Target By 60%

Ethereum opened trading at $1,913 on Wednesday, March 19, consolidating within a 5% range below the $2,000 resistance as investors awaited the U.S. Federal Reserve’s rate decision.

Bitcoin Extends Lead Over Ethereum (ETH) by 30% in Three Weeks

Ethereum price has remained trapped within a narrow range below $2,000, weighed down by uncertainty surrounding the Hoodi update and the Federal Reserve’s monetary policy stance.

While Ethereum was once projected to surpass Bitcoin in market capitalization, thanks to its decentralized finance (DeFi) and smart contract capabilities. However, Bitcoin has widened the valuation gap, outperforming ETH significantly in recent weeks.

BTC/ETH Ratio | March 18, 2025 | TradingView
BTC/ETH Ratio | March 18, 2025 | TradingView

The BTC/ETH ratio, which tracks the relative performance of both assets, hit a record high of 44.6 on March 14. With Bitcoin trading at $83000 and Ethereum at $1,900, 1 BTC can now purchase over 44 ETH, up 30% from the 1:33 ratio observed at the recent lows of February 25.

Ethereum DeFi Ecosystem Sheds $29 Billion in 30 Days

Ethereum’s sharp devaluation can be attributed to two key factors. Firstly, Trump’s new trade tariff policies have rattled global markets, prompting crypto investors to seek safety in Bitcoin over Ethereum.

Secondly, ETH price has struggled with network scalability issues and failed updates, which have dampened investor confidence.

Historical data suggests that Ethereum’s devaluation has accelerated after the Ethereum Merge, with multiple failed network upgrades pushing ETH supply above pre-Merge levels.

The Ethereum Foundation attempted to regain control by reshuffling leadership in February, yet investor sentiment remains bleak following the disappointing Pectra and Hoodi updates.

Ethereum TVL, March 19 2025 | Source: DeFiLlama
Ethereum TVL, March 19 2025 | Source: DeFiLlama

For context, Ethereum DeFi’s total value locked (TVL) was $118 billion on February 19.

However, as per DefiLlama data on March 19, that figure has now plunged to $89 billion, marking a $29 billion capital outflow—25% of the total deposits within Ethereum’s DeFi ecosystem.

This aligns with ETH’s 30% price decline, reinforcing Bitcoin’s dominance as the BTC/ETH trading ratio hit fresh highs.

Bearish Outlook for ETH in the Days Ahead

The $29 billion drop-off in Ethereum’s DeFi TVL, coupled with continued scalability struggles ahead of the Fed rate decision heigtens bearish risks ahead. As liquidity dries up in the DeFi ecosystem, ETH coins previously locked in smart-contracts trickle into the short-term market supply.

Hence, if the capital outflows persist, ETH could face further downward pressure, potentially retesting the $1,500 support zone. Additionally, with Bitcoin dominance widening, ETH price risks losing more market share in the near-term especially if US Fed rate decision falls below market expectations on Wednesday.

Ethereum Price Forecast: Bears Must Hold $2,100 Resistance to Avoid Major Liquidations

Ethereum price forecast signals lean neutral as it consolidates near $1,941 after a prolonged downtrend, with key technical indicators signaling potential volatility ahead.

The 50-day Exponential Moving Average (EMA) at $2,413 and the 100-day EMA at $2,695 indicate a bearish trend, while the 200-day EMA at $2,851 reinforces long-term resistance.

Ethereum remains firmly below these moving averages, highlighting persistent selling pressure. However, a bullish reversal could emerge if buyers regain momentum above short-term resistance levels.

Ethereum price forecast
Ethereum price forecast

The Bearish Balance Power (BBP) indicator at -107.25 suggests that sellers have dominated price action, maintaining downward pressure over the past month.

The recent series of lower highs and lower lows further confirm bearish market structure. However, decreasing volume on red candles implies that selling momentum may be weakening, leaving room for a potential relief rally.

A breakout above $2,100 could trigger a short squeeze, forcing bears to cover positions, which may result in a rapid move toward $2,400-$2,500 before an ultimate correction.

If the U.S. Federal Reserve’s rate decision on Wednesday sparks a positive market reaction, Ethereum could swiftly breach $2,100, invalidating the bearish outlook and exposing short sellers to significant liquidations.

Failure to reclaim this level, however, could lead to another retest of $1,700-$1,500, extending the current downtrend.

The post Ethereum DeFi Ecosystem Sheds $29 Billion in 30 Days as BTC/ETH Ratio Hits All-Time Highs appeared first on CoinGape.

Dogecoin Price Eyes Breakout To $0.29 In The Short Term

Dogecoin Price Eyes Breakout To $0.29 In The Short Term

Dogecoin’s price is ambling toward the $0.29 mark after a previous correction that saw it erase its gains. While the broader trend for DOGE remains bearish, analysts are confident of a short-term rally to reclaim its one-month high.

Dogecoin Price Targets Breakout To $0.29

As bears stamp their authority in DOGE, there is rippling optimism that the dog-themed cryptocurrency could see a rally. According to an X post by Igor Bondarenko, Dogecoin’s price can go as high as $0.29 in the short term.

Bodarenko hinges his prediction on DOGE approaching its 20-day exponential moving average (EMA). As the dog-themed project inches toward the EMA, pundits say it may be a support level for traders entering the space.

On the flip side, a failure to break the EMA level could spell doom for the beleaguered asset. Per Bondarenko, Dogecoin prices may fall as low as $0.10 in the near future.

“A breakout could drive DOGE to $0.23 and $0.29,” said Bodarenko. “If rejected, a drop below $0.14 could send it to $0.10.

Long-term predictions for Dogecoin prices are fairly upbeat with one analyst predicting DOGE to hit $20 in the coming months. At the moment, Dogecoin price sits at $0.16 and has gained over 6% over the last 7 days.

On-chain Indicators Scream Promise For Dogecoin

While short-term technicals are predicting a small spike in Dogecoin’s value, on-chain indicators are pointing to a seismic leap. For one, DOGE address activity has soared to 1 million unique users with active addresses spiking by 400%.

Furthermore, fundamentals are indicating potential for a rally as high as $50. The filing of a DOGE ETF application by BlackRock may be the trigger for a seismic rally for the memecoin. Other institutional players are watching the space with keen interest as the assets move from memecoin to begin clutching at real-world applications.

Pseudonymous cryptocurrency analysts DOGECAPITAL and Trader Tardigrade remain optimistic in their prediction that DOGE can clinch $80, citing cyclical patterns from 2021.

“If historical trends repeat, Dogecoin is likely to begin its upward reversal soon, entering phase 2 of its parabolic rise,” said DOGECAPITAL

The post Dogecoin Price Eyes Breakout To $0.29 In The Short Term appeared first on CoinGape.

Cardano (ADA) Might Struggle to Retain $1 Amid US Reserve Debate

Cardano (ADA) is down more than 6% on Thursday but remains up nearly 40% over the past seven days. After surging to $1.15 following its inclusion in the US crypto strategic reserve, ADA has struggled to stay above $1 in recent days.

Some users are now questioning its inclusion in the reserve, raising concerns about its price. With whale accumulation slowing and resistance at $1 proving difficult to break, ADA’s next move will depend on whether bullish momentum can return or if selling pressure pushes it lower.

ADA ADX Shows The Uptrend Is Still Strong, But It’s Not As Strong As Before

Cardano has an ADX of 32.5, down from 43.7 three days ago, following a price surge driven by ADA’s inclusion in the US crypto strategic reserve.

Despite the decline in ADX, it remains above the 25 threshold, indicating that the ongoing uptrend still has strength, though momentum has slightly weakened.

ADA ADX.
ADA ADX. Source: TradingView.

The Average Directional Index (ADX) measures trend strength on a scale from 0 to 100, with readings above 25 signaling a strong trend and values below 20 suggesting weak or nonexistent momentum.

With ADA in an uptrend and ADX at 32.5, the trend remains intact but may not be as strong as it was three days ago.

If ADX continues to decline, the trend could lose momentum, leading to a potential slowdown or consolidation. However, if ADX stabilizes or rises again, ADA could maintain its upward trajectory and push toward new resistance levels.

Cardano Whales Are Not Accumulating

The number of Cardano whales – addresses holding between 1 million and 10 million ADA – has declined slightly in the past few days after a strong increase between March 1 and March 4, when it rose from 2,442 to 2,471.

The count now stands at 2,463, indicating that some large holders have reduced their positions following the recent surge. This may have been influenced by the crypto community questioning the inclusion of ADA and XRP in the US crypto strategic reserve.

Addresses Holding Between 1 Million and 10 Million ADA.
Addresses Holding Between 1 Million and 10 Million ADA. Source: Santiment.

Tracking these whales is important because large holders can influence market liquidity, volatility, and price trends. A rising number of whales often signals accumulation, which can drive prices higher, while a decline suggests potential profit-taking or reduced confidence.

With the current whale count slightly below its recent surge, ADA’s recent uptrend could slow if more large holders begin selling. However, if accumulation resumes, it could support continued price gains.

Will Cardano Test $1 Soon?

Cardano’s EMA lines indicate a bullish trend, with short-term EMAs positioned above long-term ones.

However, despite this positive setup, Cardano price has struggled to break above $1 in recent days after a sharp correction following its 71% surge on March 2. This suggests that while momentum remains intact, resistance at $1 is proving difficult to overcome.

ADA Price Analysis.
ADA Price Analysis. Source: TradingView.

If the current uptrend reverses into a downtrend, ADA could test support at $0.818, with a break below that level potentially leading to $0.75. A stronger selloff could push the price as low as $0.63 or even $0.58.

On the other hand, if ADA regains momentum, it could test $1 again, and a breakout above this key resistance could send the price toward $1.17, a level it nearly reached during the March 2 surge.

The post Cardano (ADA) Might Struggle to Retain $1 Amid US Reserve Debate appeared first on BeInCrypto.