Dogecoin price traded near $0.112 on Thursday after gaining more than 20% during the past 30 days. Despite the overall rise in market sentiment for major cryptocurrencies, the meme coin also had a slight 1.93% drop in the past 24 hours. DOGE is still heading roughly 85% lower from its May 2021 all-time high of $0.7386. However, rising futures activity and stronger retail demand continue supporting hopes for a broader recovery.
Dogecoin Price Holds Key Support Level
Despite the recent weakness in the crypto market for the past few weeks, Dogecoin has remained above the long-term trend line, providing some relief to traders. The meme coin has rallied by over 20% in the last month as the overall sentiment of the crypto market is bullish
The daily chart, however, still shows a weak recovery set-up. DOGE needs to extend its bullish momentum by overcoming major resistance levels. If this breakout fails to materialize, then another correction down could occur.
The DOGE price is almost 85% lower than its all-time high of $0.7386 set on May 2021. It has weakened but the recent price action has been better than previous weeks.
After dipping below $80,000, Bitcoin has been consolidating in a sideways trend over the past few months. XRP and Dogecoin also eked out modest gains, with Ethereum bouncing back above $2,300.
Rising Futures Interest Supports Recovery Outlook
The CLARITY Act passed through a vote in a Senate committee on May 14, spawning a short rally in the broader crypto market. Gains, however, were short-lived after a rapid increase in the price of Brent crude oil.
The tension in the geopolitical region and the price of oil were both escalating, and prices were pushing back up over $105. The increase revived worries about inflation, and helped support the notion that additional Fed rate increases are warranted.
Meanwhile, Dogecoin futures trading activity was on the rise, according to CoinGlass data. Open interest for DOGE jumped $0.10 billion to $1.70 billion from the day before.
The open interest in futures also jumped from $894 million to almost $1.76 billion in just 45 days. The impressive rise indicates growing retail activity and a growing speculative interest in the near-term prospects of Dogecoin’s recovery.
Dogecoin Price Eyes $0.141 as Bullish Pennant Signals Possible Breakout
DOGE price gained bullish interest after the crypto analyst Trader Tardigrade posted a bullish chart outlook for DOGE. The analyst spotted a bullish pennant pattern on the daily chart.
$Doge/daily
$0.141 target incoming 🔥 pic.twitter.com/ktLLcOHfhD
— Trader Tardigrade 🧬 (@TATrader_Alan) May 15, 2026
According to the chart projection, Dogecoin could soon rally toward the $0.141 resistance target. After stabilizing above important support levels, the pattern appeared in the DOGE. The traders are holding on to the possibility of a confirmed breakout, which may fuel further bullish sentiment and fuel the next potential bounce in this meme coin.
Dogecoin Price Prediction: Recovery or Another Sharp Drop Ahead?
The price of DOGE was trading around $0.112 on Thursday, amid a declining short-term market structure.
The meme coin managed to surpass the critical support level of $0.11 despite the selling pressure.
The MACD indicator is forming a bearish crossover. The RSI held in neutral zone meanwhile, indicating cautious traders’ sentiment.
The future Dogecoin outlook rises to exceed $0.110, the next resistance levels are at $0.120 and $0.130. However, losing support could trigger another decline toward the $0.105 region.
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