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- DOGE is up 1% and is now trading at $0.095.
- Memecoin may run to the $0.10 level in the near future.
Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) are all showing signs of resurgence on Tuesday, as technical setups emerge from major meme currencies.
DOGE and SHIB are testing key resistance areas, and closing above these levels can signal a bullish trend. Meanwhile, PEPE continues to recover, finding support near the key 50-day Exponential Moving Average (EMA), and setting the course for a further rally.
Derivatives support Dogecoin’s bullish outlook
Dogecoin has risen by 1% in the last 24 hours and is expected to rise soon as the crypto market rises.
Bitcoin has regained the $76,000 level, while Ether is now trading above the $2,300 mark once again.
Currently, Dogecoin is looking to break out above the $0.10 level of sentiment if the interest rate continues.
Data from Dogecoin shows that the bulls are controlling the market. The future open interest (OI) now it reads $ 1.23 billion, from $ 986 million recorded on Monday.
The increase in OI indicates that traders are opening more positions in anticipation of Dogecoin’s move.
Dogecoin may extend its gains by closing above the 50-Day EMA
Like other leading cryptocurrencies, the 4-hour DOGE/USD chart remains stable and useful. It has surpassed the 50-day EMA at $0.95 following its 2.4% rally on Monday.
DOgecoin has been rallying around this resistance for over a month and broke a bit last week, but struggled to support it.
If DOGE closes its daily candle above the $0.095 level and holds, the altcoin can extend its rally to the 100-day EMA at $0.105.
The Relative Strength Index (RSI) on the daily chart is 52, above the neutral level of 50, indicating weakening bearish power. Furthermore, the Moving Average Convergence Divergence (MACD) indicator shows green histogram bars, reinforcing optimism.
On the other hand, if DOGE fails to hold above the 50-day EMA, it may face a potential correction, bringing the price back to the February 6 low of $0.080.
