The average opening interest rate for Dogecoin reached 2 billion dollars in June as the price struggled below 0.2 dollars.

The open interest rate of Dogecoin is being watched, with this important data highlighting the level of interest that the leading meme coin is receiving at this time. This comes as DOGE continues to struggle below the psychological level of $0.2, bringing a bearish outlook for the meme coin. The average opening interest rate for Dogecoin reached 2 billion dollars in June. Coinglass data shows that the open interest (OI) of Dogecoin has fluctuated around 2 billion dollars since the beginning of this month. This figure indicates that the open interest has fallen compared to the levels recorded in May. The OI of DOGE peaked at 3.07 billion dollars on May 11 when the price of this meme coin surged to 0.25 dollars. The decrease in open interest for Dogecoin may be due to the fall in DOGE price since then. This meme coin started the month below the psychological level of $0.2, which has raised bearish sentiment. Open interest refers to the amount of interest in the derivatives market for a specific asset. Therefore, a decrease in this metric is often bearish.

However, it is noteworthy that the open interest rate for Dogecoin remains higher than the monthly average recorded in March and April, during Trump's tariff period which caused the cryptocurrency asset to plummet. At that time, DOGE had fallen to a low of 0.14 dollars and was at risk of losing its bullish market structure. Cryptocurrency analyst BitMonty expects DOGE to recover amid the falling interest rates of Dogecoin. In a post on X, he stated that this meme coin is testing the 0.618 Fib retracement level and the lower boundary of a descending wedge. He added that this is a high confluence recovery zone and reversal signs may soon create a breakout move. BitMonty predicts that DOGE could rise to highs of up to 0.26420 dollars in this recovery. DOGE is preparing for a bullish reversal. In a post on X, cryptocurrency analyst Trader Tardigrade pointed out that the price of Dogecoin may be preparing for a bullish reversal. He revealed that DOGE is returning to previous lows, while the RSI shows higher lows. The analyst noted that this could lead to a bullish divergence, indicating weakening selling momentum and early signs of a potential upward reversal. In another post from X, Trader Tardigrade claimed that Dogecoin is expected to experience a significant price surge before entering a prolonged bearish wedge retreat. Interestingly, his accompanying chart suggests that this meme coin could rise to $30. However, this price increase is not expected to occur solely in this market cycle, with the chart highlighting 2029 as the target year to reach this price.

As of the time of writing, the price of Dogecoin is trading at around $0.18, down more than 3% in the past 24 hours, according to data from CoinMarketCap.