Dogecoin Price Rises with Bitcoin and Major Altcoins
Dogecoin (DOGE) price rose above $0.25 on Friday. This increase followed gains in Bitcoin (BTC) and other top altcoins. Earlier in the week, DOGE tested support at $0.24. The dip showed bearish sentiment and profit-taking as the market paused after a strong October rally.
Retail Interest Drops Despite Positive Signals
Retail demand for Dogecoin has fallen for three days in a row. Futures Open Interest (OI) dropped from $5.03 billion on Monday to an average of $4.4 billion. Lower OI means traders are less confident in Dogecoin’s recovery toward $0.28. This decline could make it harder for bulls to keep the price rising.
However, Dogecoin’s OI-weighted funding rate is rising. It increased from 0.0057% on Thursday to 0.0103%. This suggests traders are optimistic and adding short positions. Higher funding rates may lead to a bullish breakout.
Technical Outlook: Key Support and Resistance Levels
Dogecoin holds support at $0.25, helped by the 50-day Exponential Moving Average (EMA) at $0.24. If the Relative Strength Index (RSI) stays above the midline and moves toward overbought levels, the price could rise to $0.28.
Watch for a buy signal when the MACD blue line crosses above the red signal line. This would encourage traders to take more risk.
If the RSI falls below the midline and DOGE breaks support at $0.25 and $0.24, the downtrend may speed up. Key support levels after that are the 100-day EMA at $0.23 and the 200-day EMA at $0.22.
