Popular dog-themed cryptocurrency Dogecoin DOGE/USD resumed its uptrend Monday, igniting a strong wave of optimism among bulls.
What happened: Dogecoin was up over 5% in the last 24 hours, recovering from the ‘Black Sunday’ crash that eroded 28% of the value of the world’s largest meme coin.
Dogecoin rose to an intraday high of $0.2924 in the evening hours before falling back to $0.26 due to profit-taking.
Well-known chartist Trader Tardigrade noted a bullish crossover of the Moving Average Convergence Divergence indicator, suggesting a potential shift in momentum toward an upward trend.
Another widely followed analyst, Kevin, stated that Dogecoin completed its “second major correction” of the bull cycle, a move “very similar” to the last cycle.
Kevin, who has previously linked Dogecoin’s trajectory with Bitcoin BTC/USD moves, reaffirmed the opinion.
“If all goes well with BTC, then Doge should begin its next leg soon.”
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Why It Matters: The rally caused a spike in speculative interest for Dogecoin. Open Interest, or the notional value locked in unsettled Dogecoin future contracts, rose by 1.85% on Binance, according to Coinglass.
More than 79% of Binance traders were levered long on the meme coin, suggesting that the rally could be sustained in the short term.
Furthermore, the Commodity Channel Index, which measures the difference between the current price and the historical average price, fell below -150, according to Trading View, signaling an oversold level and a potential “Buy.”
Price Action: At the time of writing, Dogecoin was exchanging hands at $0.2616, up 5.14% in the last 24 hours, according to data from Benzinga Pro.
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