Dogecoin Price Steady After Tuesday’s Rise
Dogecoin (DOGE) held steady on Wednesday following a nearly 4% gain on Tuesday. The cryptocurrency market is recovering amid hopes that the US Federal Reserve will lower interest rates by 25 basis points. Derivatives data shows a rise in bullish bets and strong retail interest in DOGE. Technical signals suggest selling pressure is decreasing, but the outlook remains mixed as DOGE approaches a key resistance level.
Rising Retail Demand and Bullish Sentiment
Dogecoin is seeing more demand from retail investors, hinting at a possible rebound. Data from CoinGlass shows DOGE futures Open Interest (OI) rose 10.29% in the last 24 hours to $1.49 billion. This growth reflects greater investor willingness to take risks.
- The OI-weighted funding rate is 0.091%, indicating a bullish bias among traders.
- The long-to-short ratio has increased to 50.83%, up from 48.44% on Sunday.
CryptoQuant data points to large investors, or whales, driving this demand. An increase in average order size for DOGE futures suggests whales expect the price to recover further.
Key Resistance Levels to Watch
Dogecoin is close to breaking a local resistance trendline near $0.1480, set by highs on October 26 and November 11. A daily close above this level would confirm a breakout and could push DOGE toward the 50-day Exponential Moving Average (EMA) at $0.1644.
Resistance may then appear around $0.18 and the 200-day EMA near $0.1970.
Technical indicators remain neutral. The Relative Strength Index (RSI) is at 46, showing sideways momentum. Meanwhile, the MACD is rising, with its signal line nearing zero.
If Dogecoin falls below its April low of $0.1298, it could drop to the October 10 low at $0.0950.
