Key Highlights
- DOGE gains 1.47% and trades above $0.0885, moving closer to the $0.09 level as Bitcoin rises above $80,000.
- DOGE open interest rises 3.84% to $1.35 billion, while options activity also jumps sharply.
- $0.09 is the key level for DOGE, with $0.095 as the next resistance and $0.10 as the next major target if the breakout holds.
Dogecoin price is trading above $0.0885 on Saturday after gaining 1.47% within 24 hours, as the wider crypto market pushed higher. This surge is influenced by Bitcoin’s push above $80,000, bringing DOGE close to the $0.09 level.
The move puts DOGE near an important technical level, with traders watching to see if it can break above $0.09 and continue its recovery.
Dogecoin follows Bitcoin price action
The wider market also saw stronger buying during the period. Total crypto market capitalization has reached $2.88 trillion, its highest level since January. XRP climbed 10%, while Ethereum moved above $2,600, reaching its highest point in eight months.
In short, Bitcoin’s rally helped push other major cryptocurrencies up, including Dogecoin. This market recovery is happening due to several developments after Bitcoin had earlier fallen toward $75,000 following a Federal Reserve rate increase.
A bill to create a Strategic Bitcoin Reserve was advanced, a crypto tax bill was passed by lawmakers, and the CFTC submitted proposed crypto rules to the White House. The SEC also encouraged on-chain trading of stocks. Bitcoin later recovered by about $6,000, helping push Dogecoin and other altcoins higher.
Crypto trading activity picks up
As the market recovered, trading activity also picked up across crypto derivatives, which are contracts that allow traders to bet on the future price of an asset. According to Coinglass data at 4:58 p.m. UTC, DOGE’s open interest rose 3.84% to $1.35 billion. This means more traders were holding active DOGE derivatives positions during the period.
Options activity also jumped. Options volume increased by 427.20%, while open interest in options surged by 416.69% to about $85.54k.
DOGE moves closer to $0.09
DOGE’s price action also showed that the recovery was gaining ground. According to the TradingView price chart at 4:58 p.m. UTC, the token climbed to $0.08803 during the latest four-hour trading period after gaining 1.53%.
This followed an earlier decline toward $0.079 on September 16, where demand had strengthened before the latest move higher.
Now, $0.09 is the key level in front of Dogecoin. A sustained close above $0.090 could bring $0.095 into focus. That price previously stopped DOGE from moving higher during the late-August rally as it was rejected a couple of times.
A break above $0.095 would put the $0.10 level within reach. The $0.10 mark is important because it is a major round-number price that traders can easily track. But if DOGE fails to break $0.09, the price could move back toward $0.085.
The $0.085 level is important because it was the recent breakout area. If DOGE stays above it, the current recovery remains intact. A drop below $0.085 could instead bring $0.080 back into focus, which was where the recent recovery began.
DOGE momentum reaches a key point
Meanwhile, DOGE’s daily Relative Strength Index (RSI) climbed above 70, indicating strong recent price momentum and entering a zone commonly associated with overbought conditions.
Dogecoin has moved away from the $0.08 area after several declines failed to produce a sustained break below that level. The next part of the move will depend on whether DOGE can push through $0.09 and then deal with the tougher $0.093-$0.095 area.
Also Read: Crypto Market Jumps 4% to $2.88T as Bitcoin Reclaims $80K
