Dogecoin's DOGE/USD Futures Have Received a Massive Spike in a Week, Putting DOGE Back in the Limelight

While the meme coin dropped 5.61% in a day to trade at $0.2240, it's 23% growth in the past week and a 40% rise this month is impressive.

Meme coin Dogecoin's DOGE/USD futures have seen a massive spike in a week, putting the crypto in the limelight again as it continues to outperform.

Behind the growth is a mix of renewed trader interest, bullish technical indicators, and some high-profile endorsements that are making DOGE a popular investment choice.

According to Glassnode's latest data, Dogecoin futures open interest has grown by 64% over the last week. At the time of writing, on Thursday, the total futures outstanding is $1.62 billion, up from $989 million previously.

The surge came as Bitcoin BTC/USD pulled back. In a market where most altcoins typically trail behind Bitcoin, Dogecoin isn't following the trend. Glassnode referred to it as a “decoupling,” a rare and bullish indicator that DOGE is following its own narrative.

Dogecoin has consistently been one of the top 10 altcoins.

Also Read: Top 5 Crypto News This Week: Bitcoin Snaps Streak, Binance Faces Another Setback, FTX Creditors Sue Sam Bankman-Fried

Recently, several analysts have been bullish on Dogecoin.

Earlier this month, Goldman Sachs Group Inc GS executive and macro investor, Raoul Pal predicts that Dogecoin might outpace Bitcoin in the next few months. For traders on the fence, such optimism from Pal is hard to ignore, and it probably encouraged even more individuals to believe in DOGE’s future.

But it’s not hype alone driving the rally. Technically, the 1-day chart shows a golden cross, indicating a transition from bearish to bullish territory.

As crypto analyst Trader Tardigrade breaks down, the recent golden cross between the 20-day and 50-day EMAs on the 1-day chart signals that DOGE is potentially positioning itself for another higher leg. The signal comes after months of an opposite signal, death cross, which drove the coin down last month.

According to the analyst, Dogecoin may be looking at a surge to $0.56 over the next few weeks. The macro chart suggests an even more ambitious belief that the coin may be nearing the peak of its third cycle, which could push the coin to $20.

At the time of writing, While the meme coin dropped 5.61% in a day to trade at $0.2240, it's 23% growth in the past week and a 40% rise this month is impressive.