• Dogecoin surges over 10% on Wednesday, reclaiming the $0.10 psychological mark.
• Large transactions of above $1 million increase, backing the intraday positive move and reflecting renewed whale demand.
• DOGE futures Open Interest and social dominance rise, suggesting growing retail interest. 

Dogecoin (DOGE) is up over 10% at press time on Wednesday, driven by renewed demand from large wallet investors and retail participants. The technical outlook for DOGE is bullish, as price clears $0.1000 and short-term momentum rises. 

Demand skyrockets for Dogecoin

Dogecoin is gaining strength as the broader market shifts attention to meme coins. Santiment data shows retail interest in DOGE is increasing, with social dominance rising to 0.287% from 0.128% the previous day. This indicates a surge in social buzz around the oldest meme coin, which backs the near-term gains. 

At the same time, 39 transactions of $1 million or more have occurred so far on Wednesday, up from 27 the previous day, indicating renewed interest from large wallet investors, commonly referred to as whales. 

Reaffirming the retail demand, CoinGlass data shows the DOGE futures Open interest (OI) is at $1.78 billion, up over 24% in the last 24 hours, while the funding rate is at 0.0043%. The OI surge reflects fresh positional buildup, while the positive funding rate implies bullish incline as traders are willing to buy long positions at a premium.  

Additionally, the $21.73 million liquidation over the last 24 hours, led by $21.30 million in short liquidations, confirms the bullish dominance.  

Could Dogecoin's rally sustain momentum to cross the 200-day EMA?

Dogecoin is trading above $0.1000 at press time on Wednesday, extending gains above the 50-day Exponential Moving Average (EMA) at $0.0968 and the previously capping downward resistance trendline around $0.0967. This shifts the near-term tone to mildly bullish while it remains capped below the 200-day EMA at $0.1249.

Momentum stays constructive, with the Moving Average Convergence Divergence (MACD) and signal lines rise extending into the positive territory, but the Relative Strength Index (RSI) at 73 highlights slightly overbought conditions that could slow immediate upside.

On the topside, initial resistance is seen at the December 31 low at $0.1161, close to the 200-day EMA at $0.1249, where a daily close above would be needed to reopen a more sustained bullish phase. Beyond the long-term average, DOGE could target the January 6 high at $0.1565.

On the downside, the first support aligns with the $0.1000 psychological level, which is close to the 50-day EMA at $0.0968. A drop back below this cluster is likely to expose the recent recovery to a deeper correction toward the February 11 low at $0.0879.

(The technical analysis of this story was written with the help of an AI tool.)