Dogecoin (CRYPTO: DOGE) stretched its winning streak Thursday, as cryptocurrency investors raised their risk appetite.
DOGE’s Rally Lights Up Its Futures Market
The meme coin, worth $39 billion, increased 2% in the last 24 hours, mirroring increases in other large-cap coins like Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH). Over the week, the token was up over 14%.
The rally heated up the derivatives market, with open interest in DOGE futures jumping 8.14% in the last 24 hours, and over 19% in a week, according to Coinglass.
Additionally, over 75% of Binance traders with open DOGE positions were betting on its price increase, suggesting bullish optimism.
See Also: Dogecoin (DOGE) Price Prediction 2025, 2026, 2030
DOGE ‘Shaping Up Nicely’
Widely followed cryptocurrency analyst Daan Crypto Trades said DOGE was "shaping up nicely" after a choppy momentum since its April lows.
"Just needs to maintain those higher lows and higher highs, and a larger move will eventually occur," the analyst predicted.
Meanwhile, the Moving Average Convergence Divergence indicator, which shows the relationship between two moving averages of an asset's price, flashed a "Buy" signal for the meme coin, according to TradingView. The Relative Strength Index, though, remained in the "Neutral" zone.
Price Action: At the time of writing, DOGE was trading at $0.2601, representing a 2.03% increase in the last 24 hours, according to data from Benzinga Pro.
Shares of REX-Osprey Doge ETF (BATS:DOJE) closed 5.15% higher at $24.30 on Thursday, extending its weekly returns to 14%.
Photo Courtesy:ihrinmoisuc on Shutterstock.com
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