Key Points
- DOGE rose about 6% over the past 24 hours as memecoins show signs of renewed strength.
- The leading memecoin could test resistance near $0.22 in the short term.
Memecoins Showing Strength
The cryptocurrency market has been bullish in recent days, with Bitcoin climbing to around $106,000 hours ago. Memecoins have begun to show renewed strength, reflecting a return of risk-on sentiment among traders.
Dogecoin (DOGE), Shiba Inu (SHIB) and Pepe (PEPE) were among the biggest gainers within the top 100 cryptocurrencies by market capitalization. Their strong performance comes as retail interest in memecoins rises, and traders expect additional upside in the near term.
The speculative nature of memecoins tends to attract extra attention during recoveries and bullish phases. Data from CoinGlass shows that futures open interest (OI) for DOGE, SHIB and PEPE grew by roughly 4%, 2% and 3% respectively over the past 24 hours, reaching approximately $153 million, $7.299 billion and $20.053 billion.
That increase suggests investors are boosting exposure to risk assets such as Dogecoin.
DOGE Eyes $0.22 on Bullish Technicals
On the 4-hour chart, DOGE/USD shows bullish momentum even after a 6% weekend gain. The leading memecoin has formed a double-bottom reversal from support near $0.15704 and is currently trading around $0.18.
Technical indicators on the 4‑hour chart also look constructive, signaling growing retail interest in DOGE. The RSI sits near 63, above the neutral 50 level, and could move into overbought territory if the rally continues. The MACD lines are positioned in bullish territory as well, indicating strong buying pressure.
If the memecoin recovery persists, DOGE could first test the 200‑period moving average around $0.19386 before challenging the October 13 high near $0.22. Conversely, a failure to sustain bullish momentum could push DOGE back toward $0.16886, the neckline of the double bottom.