Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) are all trading in green as the broader cryptocurrency market bounces back from Thursday’s selloff. Dogecoin (DOGE) rises alongside crypto majors on Friday, trading above $0.1100. The meme coin signals strong recovery potential, supported by aligned momentum indicators and growing retail demand. Retail interest steadies as Dogecoin rises DOGE is one of the best performers among the top 10 cryptocurrencies in the last 24 hours. At press time, DOGE is trading at $0.1153 and could rally higher in the near term. Retail participation remains strong, reflected in perpetual futures Open Interest (OI). According to CoinGlass’s data for DOGE, the OI now reads $1.70 billion, up from the $1.60 billion recorded the previous day. While OI briefly pulled back from its May high of $1.77 billion to a local low of $1.46 billion, the metric has steadily trended higher since hitting its yearly low of $894 million in March. The OI metric is crucial as Dogecoin’s price action remains closely correlated with growth in the derivatives market. This indicates the importance of retail demand in Dogecoin’s price movement. While the retail demand continues to increase, investors remain cautiously optimistic, given that the OI-Weighted Funding Rate has retreated to -0.0060%, in negative territory. The decline of the OI-Weighted Funding Rate suggests that the market participants are incurring higher costs to maintain their short positions. Failure to surpass key resistance could trigger liquidations and a sharp downside move. Dogecoin price analysis: DOGE poised to extend recovery The DOGE/USD 4-hour chart is bullish as Dogecoin has topped the $0.1100 psychological level. It has maintained its bullish bias as it is currently trading above the 50-day and 100-day Exponential Moving Averages (EMAs), which are clustered between roughly $0.1030 and $0.1060. The momentum indicators show that the bulls are slowly regaining control of the market. The Relative Strength Index (RSI) near 59 on the 4-hour chart hints at a firm and growing bullish momentum. This outlook suggests upside pressure persists but may soon encounter more meaningful supply toward the 200-day EMA at $0.1231. If the bullish trend continues, the 200-day EMA around $0.1231 will be the next key resistance that bulls would need to reclaim to extend the advance toward higher levels. A daily candle close above the 200-day EMA would allow the bulls to hit the $0.1500 psychological level for the first time since January. On the downside, if the bearish trend persists, initial support is seen near the current pivot around $0.1145. A daily candle close below this level would expose the demand band formed by the 100-day EMA at $0.1060, the Parabolic SAR at $0.1056, and the 50-day EMA at $0.1030. However, the bears would need to push below these demand zones to attract dip-buying interest while the broader bullish structure remains intact. The post Dogecoin reclaims $0.1100: can bulls trigger another rally soon? appeared first on Invezz
