▲ Dogecoin (DOGE) ©

Dogecoin (DOGE) has regained short-term upward momentum, supported by growing retail investor interest and capital inflows into the derivatives market, raising the possibility of breaking above the $0.10 level.

According to investment-focused media outlet FXStreet on March 13 (local time), Dogecoin was trading around $0.097 during intraday trading, marking a gain of more than 2% over the past 24 hours. Amid a rebound that has continued in recent days, the market is closely watching whether the token can break through the psychological resistance level of $0.10.

The key driver behind the recent rally is increased retail participation. Open interest in Dogecoin’s derivatives market has risen to approximately $1.18 billion, up from about $1.05 billion a week earlier, reflecting growing investor engagement. At the same time, futures funding rates have maintained a positive 0.0054%, indicating that market participants are betting on further short-term gains.

Technical indicators also suggest the possibility of near-term upside. On the four-hour chart, the Relative Strength Index (RSI) has climbed to 63, signaling strong momentum, while the Moving Average Convergence Divergence (MACD) has moved above the signal line, generating a bullish signal. Additionally, the 50-period and 100-period exponential moving averages have turned upward, raising the potential for a golden cross.

Currently, Dogecoin is testing resistance near the 200-period exponential moving average around $0.09773, with immediate key resistance identified at approximately $0.09850. A breakout above this level could pave the way for a retest of the March 11 high of $0.10036. Subsequent upside targets are projected at $0.10603 and $0.11029.

On the downside, the 100-period exponential moving average near $0.09397 and the 50-period exponential moving average around $0.09330 serve as key support levels. If these levels fail, Dogecoin could revisit its recent low of $0.09127.

Disclaimer: This article is for investment reference purposes only and the publisher is not responsible for any investment losses resulting from decisions based on this content. The information provided should be interpreted for informational purposes only.

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