Dogecoin is recovering on the charts, but futures and ETF demand are not following. The token faces a descending trendline near $0.0786, and a breakout could put $0.0806 within reach.
Dogecoin trades near $0.0770 on Thursday after a second consecutive session of gains. The meme coin is building on a rebound of more than 2% in the previous session.
However, the recovery has yet to attract meaningful participation from institutional investors and leveraged traders.
Futures and ETF demand lag the rebound
CoinGlass data shows that Dogecoin futures open interest has declined since Monday. That divergence suggests the rebound has not yet generated enough confidence to attract fresh leveraged positioning, and some traders may be closing positions instead.
SoSoValue data shows Dogecoin-focused ETFs have recorded zero new inflows since October 14. The absence of inflows has extended into a third consecutive week.
Falling open interest does not automatically signal bearish sentiment, though. If short sellers are closing positions, it can coincide with upward price movement.
DOGE reclaims its 50-period EMA
On the four-hour chart, DOGE has moved back above its 50-period EMA, which sits at approximately $0.0762. The EMA is a type of moving average that gives greater weight to recent prices.
Resistance comes next. A descending trendline connecting the October 8 and October 29 highs currently sits near $0.0786. A sustained four-hour close above it could open the way toward $0.0806, a level that aligns with the 200-period EMA and horizontal resistance.
Momentum indicators offer modest support. The RSI stands near 58 and the MACD remains marginally positive, but these signals do not guarantee a sustained breakout.
Support levels if the rebound fails
Immediate support stands at the 50-period EMA near $0.0762. The next significant support is around $0.0723, and a fall below it would point to approximately $0.0677.
Source: CoinJournal
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