Meme cryptocurrency DOGE, rose 4.9% during Thursday’s U.S. market session to trade at $0.24. The buying pressure followed a broader market surge as Bitcoin (BTC) hit a new high of $112,000 and panic selling surrounding the U.S.-imposed tariff dipped.

The world’s leading cryptocurrency was last seen trading up 0.4% at $111,400. Earlier in the session, BTC hit an all-time high of $112,000 after U.S.-China trade tensions eased.

The move came after the U.S. announced a six-month deferral of new tariffs on some Chinese goods. The tariffs were set to take effect on December 15 and would have affected a wide range of products, including footwear, textiles, and furniture.

The decision to delay the tariffs was made after U.S. President Joe Biden and Chinese President Xi Jinping met at the G20 summit in Argentina on November 30. During the meeting, the two leaders agreed to maintain open communication and work towards a resolution of the trade dispute.

The development comes as the U.S. and China have been engaged in a bitter trade war for more than a year. The dispute began in early 2024 after former U.S. President Donald Trump imposed tariffs on $360 billion worth of Chinese goods.

China retaliated with tariffs on U.S. goods, and the two sides have been engaged in a cycle of tit-for-tat economic sanctions ever since.

The trade war has had a significant impact on the global economy. It has led to increased prices for consumers and businesses, and it has also slowed down economic growth.

The decision to delay the tariffs is a positive development that could help to ease trade tensions and promote economic recovery.

Dogecoin Price Analysis

Dogecoin (DOGE) price sustained recovery from $0.129 to $0.248, registering a 91.9% gain in the last seven weeks. The bullish upswing can be linked to a renewed recovery trend in Bitcoin’s price and the subsided panic selling surrounding the U.S.-imposed tariffs.

Following the price rally, the DOGE futures open interest also bounced from $1.31 billion to $3.07 billion, registering a 134% surge.

This suggests that Dogecoin’s derivatives market has seen a significant inflow of fresh funds, indicating heightened speculative interest and greater trader engagement. A sharp spike in open interest frequently precedes increased volatility as traders place larger directional bets.

The OI-weighted funding rate has also increased to 0.0159%, the highest level since January 2025, as the Dogecoin price continues to rise. This suggests that holders of long positions pay more to keep their positions open, which indicates generally bullish market sentiment.

Dogecoin Price May Break Out From Channel Pattern

By press time, the Dogecoin price trades at $0.24, with an intraday gain of 4.93%. The recent price surge has triggered a bullish crossover between the 20-day and 200-day Exponential Moving Averages (EMA), which is a strong buy signal associated with an initial change in market dynamics.

In addition, the 50-and-100-day EMA slopes are on the verge of a bullish crossover, further reinforcing the upward momentum in price. With sustained buying, the coin price should rally 8% before challenging the multi-month resistance of the falling channel pattern.

Since December 2024, this chart setup has carried a sustained correction trend. Each retest of the upper boundary has led to a significant surge in selling pressure, dropping the price by 48-53%.

Thus, a potential breakout from the channel pattern is crucial for DOGE buyers to regain the $0.3 floor.

However, if the sellers continue to defend the downsloping trendline, the current correction could continue for the coming month.