Key takeaways
- DOGE rose about 6% in the past 24 hours as memecoins show renewed strength.
- The leading memecoin could push toward resistance near $0.22 in the short term.
Memecoins show signs of strength
The cryptocurrency market has been on the rise over recent days, with Bitcoin briefly reaching around $106,000. Memecoins are among the notable gainers, signaling a return of risk appetite among traders.
Dogecoin (DOGE), Shiba Inu (SHIB) and Pepe (PEPE) were some of the top performers among the 100 largest cryptocurrencies by market capitalization. Their gains reflect growing retail interest in memecoins, with traders positioning for further upside in the near term.
The speculative nature of memecoins tends to attract extra attention during recovery and bullish phases. Data from CoinGlass shows that open interest in DOGE, SHIB and PEPE futures rose roughly 4%, 2% and 3% respectively over the past 24 hours, reaching approximately $1.53 billion, $72.99 million and $200.53 million.
These increases indicate that investors are boosting exposure to higher-risk assets like Dogecoin as markets rally.
DOGE eyes $0.22 amid bullish technicals
On the 4-hour DOGE/USD chart, the recent action has been bullish and relatively efficient as Dogecoin added about 6% over the weekend. The memecoin is trading near $0.18 after forming a double-bottom reversal off support at $0.15704 over the past few days.
4-hour technical indicators are also tilting bullish, reflecting rising retail interest in DOGE. The RSI sits around 63, above the neutral 50 level and could push into overbought territory if the rally continues. The MACD lines are in bullish alignment as well, suggesting strong buying pressure.
If the recovery continues, DOGE could test the 200-period EMA near $0.19386 before moving toward the October 13 high around $0.22. Conversely, a failure to sustain upward momentum could see the token slip back toward $0.16886, which serves as the lower neckline of the double-bottom pattern.