Dogecoin Price Forecast: DOGE eyes $0.10 breakout as broader crypto market recovers

Dogecoin (DOGE) price is trading in the green on Friday, extending gains above $0.097 as the broader cryptocurrency market recovers with Bitcoin (BTC) rising above $86,000. The meme coin sees a 4% growth in its futures Open Interest over the last 24 hours, indicating firm retail support, days after the launch of its DOGEOS public testnet focused on zero-knowledge rollups. 

Speculative demand is on the rise

Dogecoin is gaining leverage-driven retail support as the broader crypto market risk appetite grows. CoinGlass data shows DOGE futures Open Interest (OI) up 4% in 24 hours to $1.53 billion, indicating a rise in the notional value of active DOGE perpetual contracts. At the same time, the DOGE funding rate has risen to 0.0101% and has remained largely positive since early September. This indicates strong demand among traders for long positions at a premium, reflecting expectations of further upside.

DogeOS releases public testnet

DogeOS announced the public launch of its testnet for developers on Wednesday to create apps focused on payments, DeFi, games, and markets built on the meme coin. The OS brings zero-knowledge rollup and EVM smart contracts to the Dogecoin network, suggesting an attempt to boost the meme coin’s ecosystem and adoption in the DeFi space.

Technical outlook: Dogecoin’s recovery gains traction

Dogecoin trades around $0.0976 at press time on Friday, maintaining a bullish near-term bias. The meme coin hovers above the 50-period Exponential Moving Average (EMA) on the four-hour chart at $0.0947, with the 100-period EMA at $0.0929 and the 200-period EMA at $0.0896 underpinning a steady uptrend.

The meme coin faces opposition at the 50% retracement of the $0.1058 to $0.0911 downswing, at $0.0982, which serves as an overhead supply zone. A confirmed breakout above this zone could surpass the $0.1000 psychological threshold and target last week's high at $0.1058.

Momentum on the four-hour chart remains constructive, with the Relative Strength Index (RSI) around 60, rising above the midline, while the Moving Average Convergence Divergence (MACD) is rising above the zero line, hinting at strengthening upside momentum.

On the downside, initial support is now aligned at the 50-period EMA at $0.0947, followed by the 100-period EMA at $0.0929 and the $0.0911 swing low.

(The technical analysis of this story was written with the help of an AI tool. Know more.)