Dogecoin (DOGE) shows renewed bullish momentum, trading near $0.23. A MACD crossover on the daily chart, coupled with rising trading volume, signals potential for continued growth. The price rebounded from $0.20 support, with the RSI at 62, suggesting further upside potential towards $0.31 and $0.50. Increased institutional interest is also evident, fueled by rising open interest and increased allocation in Grayscale's Digital Large Cap Fund.

Technical Signals Support a Bullish Outlook for DOGE

Trader Tardigrade (@TATrader_Alan on X) observed an ascending trendline on the hourly chart, complementing the daily MACD crossover, suggesting a positive momentum shift.
Source: Trader Tardigrade (X)

The MACD signal line crossed above the MACD line on May 10, 2025, accompanied by a rising histogram. At 14:00 UTC, DOGE/USDT trading volume increased by 18% in 24 hours, reaching $1.25 billion (CoinGecko). The RSI stands at 62, indicating the asset is approaching overbought territory but still has room for upward movement. The strong rebound from the $0.20 support level further strengthens the bullish outlook.

Rising Market Sentiment and Institutional Attention Fuel Rally

DOGE's price climbed nearly 27% in the past week, outperforming most top assets except Ethereum. Open interest in DOGE futures hit $2.52 billion, the highest since February (CoinGlass). The DOGE/BTC pair gained 3.5% over 24 hours on Binance. Raoul Pal, CEO of Real Vision, noted a "potential big flag pattern" on the DOGE/BTC chart on X, hinting at the possibility of new highs.
Source: Raoul Pal (X)

Grayscale's Digital Large Cap Fund increased its DOGE allocation by 2%, indicating growing institutional interest. Analysts suggest that if this momentum continues, resistance levels at $0.31 and $0.50 could be tested, potentially paving the way for DOGE to reach $1.