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- Technical Outlook: Can Dogecoin Maintain the Recovery?
Dogecoin is trading at $0.1300 at the time of writing this report on Friday, with the 50-day, 100-day, and 200-day exponential moving averages (EMA) trending downward, confirming a bearish trend. The Moving Average Convergence Divergence (MACD) indicator on the daily chart shows a slight negative bias, as evidenced by the blue MACD line remaining below the signal line.
A break above the 50-day EMA at $1.544 could open the door for further gains above the 100-day EMA at $0.1745 and the 200-day EMA at $0.1909. The Relative Strength Index (RSI) on the same chart has risen to 38, indicating a slowdown in bearish momentum.
Daily chart of the DOGE/USD pair
However, the downward trendline from $0.3063 limits gains, with resistance at $0.1561. A daily close below the support level at $0.1205 could accelerate the bearish move toward October’s low at $0.0931.
Interest in Dogecoin has dropped significantly since the sudden crash on October 10, with open interest in futures contracts decreasing by approximately 71% to $1.21 billion on Friday from $4.4 billion.
The meme coin has experienced steady growth in open trading volume, reaching $6 billion on September 14. This rise coincided with an increase in trading volume, as its price surged to $0.3068 from $0.1298 in April, confirming the role of retail markets in driving value growth. However, with a notable decline in open trading volume, it may be challenging for Dogecoin to sustain this recovery.
Open interest in Dogecoin | Source: Coin Glass
Meanwhile, institutional interest in Dogecoin ETFs( has waned. According to SoSoValue data, these funds have not recorded any cash flows since December 10, when inflows reached $172,000.
The total net inflow of funds has amounted to $205 million, with net assets of $4.96 million. There are two US-licensed exchange-traded funds (ETFs) for Dogecoin), namely GDOG by Grayscale and BWOW by Bitwise.
Dogecoin ETF statistics | Source: SoSoValue