- Dogecoin Price Expectations: Dogecoin Price Rises 10% Amid Increased Whale Activity and Retail Investor Interest

The price of Dogecoin (DOGE) increased by over 10% at the time of writing this report on Wednesday, driven by increased demand from major investors and retail investors. Technical forecasts indicate a bullish trend for Dogecoin, with its price surpassing $0.1000, and momentum rising in the short term.

- Surge in Demand for Dogecoin
Dogecoin is gaining increasing momentum as the broader market shifts focus toward meme-related cryptocurrencies. Santiment data shows growing retail investor interest in Dogecoin, with its social media dominance rising to 0.287% compared to 0.128% the previous day. This indicates a significant increase in social engagement around the oldest meme-linked digital currency, supporting its short-term gains.

Meanwhile, 39 transactions of $1 million or more have been made so far on Wednesday, up from 27 transactions the previous day, indicating renewed interest from large wallet holders, commonly referred to as whales.

Social dominance of DOGE and whale activity. Source: Santiment

CoinGlass data confirms increasing retail investor demand, with open interest in Dogecoin futures reaching $1.78 billion, up over 24% in the past 24 hours, while the funding rate stands at 0.0043%. This rise in open interest reflects increased positions, while the positive funding rate indicates a bullish trend, with traders eager to buy long positions at a premium.

Additionally, asset liquidations totaling $21.73 million over the past 24 hours, led by short liquidations of $21.30 million, further confirm the bullish dominance.

Dogecoin derivatives data. Source: CoinGlass

Can Dogecoin’s price rally sustain momentum to break above the 200-day exponential moving average?
Dogecoin is trading above $0.1000 at the time of writing this report on Wednesday, continuing its gains above the 50-day exponential moving average at $0.0968, and the downward resistance line that had been capping the price at $0.0967. This shifts the near-term outlook to slightly bullish, although the price remains below the 200-day exponential moving average at $0.1249.

Positive momentum persists, with the Moving Average Convergence Divergence (MACD) and signal lines in the positive zone, but the Relative Strength Index (RSI) at 73 highlights overbought conditions that could slow immediate upward movement.

On the bullish side, initial resistance is seen at the lowest level recorded on December 31 at $0.1161, near the 200-day exponential moving average at $0.1249, where a daily close above this level is needed to reopen a more sustainable bullish phase. Beyond the long-term average, Dogecoin could target the highest level recorded on January 6 at $0.1565.

DOGE/USDT Daily Chart Analysis (Binance)
DOGE/USDT daily price chart.

On the downside, the first support level aligns with the psychological level of $0.1000, close to the 50-day exponential moving average at $0.0968. A decline below this level could expose the recent rebound to a deeper correction toward the February 11 low at $0.0879.