- MACD crossover and rising volume signal renewed bullish momentum for Dogecoin near $0.23.
- DOGE rebounds from $0.20 with RSI at 62, keeping room for further upside toward $0.31 and $0.50.
- Institutional interest grows as open interest hits $2.52B and Grayscale raises DOGE allocation.
Dogecoin (DOGE) is gaining traction again, with strong technical signals pointing to a potential continuation of its recent rally. A MACD crossover on the daily chart has caught analysts’ attention, supported by increasing trading volumes and broader bullish momentum in the crypto market. With DOGE currently trading near $0.23, the focus is shifting toward the $1 mark.
Technical Signals Support a Bullish Outlook for DOGE
According to an observation by Trader Tardigrade via X, Dogecoin has formed an ascending trendline on the hourly chart. This setup, along with the recent MACD crossover on the daily chart, is often considered a positive momentum shift.
The MACD signal line crossed above the MACD line on May 10, 2025, with a rising histogram, indicating possible bullish momentum. As of 14:00 UTC, DOGE/USDT trading volume had risen 18% in 24 hours to $1.25 billion, according to CoinGecko.
Meanwhile, the Relative Strength Index (RSI) stood at 62, showing the asset nearing overbought territory but with room for continued movement. The price also rebounded strongly from the $0.20 support level, strengthening the case for further upside.
Rising Market Sentiment and Institutional Attention Fuel Rally
DOGE has climbed nearly 27% in the past week and is outperforming most top assets except Ethereum. Open interest in DOGE futures has also reached $2.52 billion, the highest since February, as noted by CoinGlass.
The DOGE/BTC pair gained 3.5% over 24 hours on Binance, reflecting growing strength against Bitcoin. Raoul Pal, CEO of Real Vision, commented via X that the DOGE/BTC chart “looks like a potential big flag pattern,” adding to speculation that new highs could be possible.
Meanwhile, a 2% increase in DOGE allocation in Grayscale’s Digital Large Cap Fund suggests increasing institutional attention. If momentum continues, analysts say the $0.31 and $0.50 resistance levels could be tested soon on the path toward the $1 mark.
