Jakarta, Pintu News – As of May 14, the price of Dogecoin (DOGE) was trading at $0.2316

Despite the intraday decline, Dogecoin's Open Interest (OI) has surpassed $3 billion, indicating high interest from derivatives traders.

As of May 14, the price of Dogecoin (DOGE) was trading at $0.2316, struggling to break the resistance at $0.25. This development closely follows Bitcoin’s (BTC) retreat from its high of $104,000.

Despite the intraday decline, Dogecoin’s Open Interest (OI) has surpassed $3 billion, showcasing the significant interest from derivatives traders. The question now is: will this surge in investor interest, combined with a bullish technical pattern, be sufficient to push the Dogecoin price above $0.25 and spark a 50% rally towards $0.368?

Before delving into that, let’s examine Dogecoin’s price movements today!

Dogecoin Price Drops 2.36% in 24 Hours

On May 15, 2025, Dogecoin’s price experienced a dip of 2.36% over the past 24 hours, reaching $0.2321, or approximately IDR 3,841. Throughout the day, DOGE touched a high of IDR 4,101 and dropped to a low of IDR 3,786.

At the time of writing, Dogecoin’s market cap is around $34.64 billion, while its trading volume decreased by 19% to $2.12 billion within 24 hours.

Dogecoin Forms Bullish Pennant Pattern, Targeting $0.36

Observing Dogecoin’s price movement over the past two weeks reveals the formation of a bullish pennant pattern. The 36% surge in early May created a flag pole, and the subsequent consolidation phase formed a pennant.

According to this pattern, Dogecoin could experience a 53% rally towards $0.368, which is calculated by adding the flag pole height to the breakout point.

Over the past three days, Dogecoin’s price printed lower highs but is now close to the upper trend line of the pennant pattern.

If DOGE manages to print a stable daily candlestick closure at the $0.240 level, it will confirm the breakout and could trigger a double-digit uptrend towards the $0.368 target.

Moreover, the Relative Strength Index (RSI) indicator bounced off the 50 level, indicating that despite the correction, the strength of the bulls is still prevalent. This provides an additional signal supporting the bullish scenario.

However, this optimistic price projection could be invalidated if DOGE fails to break the upper trend line of the pennant pattern. If the price drops and breaks the $0.220 support level, then a bearish scenario could unfold, with a potential further correction towards $0.180—equivalent to a decline of around 18%.

DOGE’s $280 Million Open Interest (OI) Spike Risks Wiping Out $62 Million Worth of Short Positions

According to data from CoinGlass (5/14), Dogecoin’s open interest has now reached $3.03 billion, showing an increase of about $280 million from its previous low of $2.75 billion. This surge highlights the growing interest from investors in the original meme coin.

While DOGE prices are in a consolidation phase, the rising open interest indicates that optimism in the market is increasing.

Additionally, the DOGE funding rate is currently at 0.0105%, which signals a strong bullish sentiment. This implies that long positions are paying a fee to short positions to maintain a balance between the spot price and the perpetual contract—a sign that market participants are going long.

Another factor driving the price rally can be observed in Coinglass’ Liquidation Map, which shows that if DOGE prices break the $0.25 resistance, the potential liquidation of short positions could reach $62.87 million.

This massive liquidation of short positions has the potential to significantly amplify the breakout rally.

In summary, Dogecoin is currently in a mature bullish consolidation phase, poised for a 50% rally. The surge in open interest, combined with the potential liquidation of $62-67 million in short positions, further supports the optimistic outlook towards the $0.368 target.