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In brief
Dogecoin spiked to an intraday high of $0.1059 after X announced trading partnerships with Gemini, Kraken, Coinbase, Moomoo, and Interactive Brokers.
The pop faded fast—DOGE closed the day down 0.62%, with derivatives open interest jumping roughly 10% in an hour as leverage did the heavy lifting.
The Dogecoin rally has momentum, but the death cross on its chart still hasn't flipped.
Bitcoin's latest push higher is dragging the rest of the crypto market along with it, and few coins are feeling the love more than Dogecoin.
The original meme coin punched through the psychological $0.10 level this week, hitting its highest price since June and riding a mix of platform news, sector-wide meme coin enthusiasm, and no shortage of leveraged bets.
The broader market mood has turned risk-on, with traders rotating profits out of Bitcoin and into smaller, higher-beta names—Dogecoin included.
In terms of potential catalysts for the renewed interest in Dogecoin, yesterday X announced new trading arrangements with Gemini, Kraken, Coinbase, Moomoo, and Interactive Brokers, letting users trade straight from the timeline via cashtags on the app. Elon Musk has spent years cheerleading Dogecoin, and his companies have flirted with using it as a payment rail.
The DOGE crowd may have read this as one step closer to the coin getting a real seat at X's financial table.
Dogecoin price data. Image: Tradingview
DOGE opened at $0.0999 and spiked to $0.1059 intraday before sellers showed up. It corrected to $0.0992, down 0.62% on the day. Classic pump-then-fade as the news got the coin through the $0.10 level, but it couldn't hold there into the close.
This wasn't a DOGE-only story. Pepe and Shiba Inu also caught bids as the whole meme coin sector rotated hot. Derivatives open interest on Dogecoin jumped roughly 10% in a single hour to around $350 million—a sign leverage, not spot conviction, was doing most of the lifting. Leverage cuts both ways.
The daily Relative Strength Index, or RSI (an indicator of how oversold or overbought an asset is), sits at 69.4—bullish, edging toward the 70 line where traders start watching for exhaustion. The Average Directional Index, or ADX, reads 32.5, above the 25 threshold that separates a real trend from noise, with buyers (+DI) still in charge.
The Squeeze Momentum indicator is off, meaning the recent compression already released to the upside as the charts show. Momentum is still slightly negative but curling upward—the market's catching its breath, not reversing.
But there is still one problem for the bulls. Dogecoin's 50-day exponential moving average, or EMA, is still sitting below its 200-day EMA—the textbook death cross, a long-term bearish signal that forms after a sustained downtrend. That crossover hasn't budged.
One good news cycle doesn't undo an almost full year of a lagging moving average; it takes sustained buying to drag the 50-day back above the 200-day, and that's weeks of work, not one green candle.
So, the rally is real, but it's also happening underneath a technical structure that's still bearish on paper.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
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