Dogecoin is showing early signs of a potential recovery after holding above key moving averages and flashing bullish signals in derivatives data. As of Wednesday, DOGE is trading above its 100-day Exponential Moving Average (EMA) at $0.1064, recovering after two days of losses.
Analyst Javon Marks shared a chart showing DOGE breaking away from a long descending trendline that began after the 2021 cycle high. According to Marks, DOGE has started to respond to a major bullish divergence on the MACD. A bullish divergence forms when price makes weaker lows while momentum begins to improve — a setup traders often watch as a sign of a possible trend reversal.
$DOGE has begun to respond even more positively to a major bullish divergence that has been holding here with the MACD and with its current breakout, much greater upside is possible!
DOGE's breakout is still pointing at a near 500% move to the $0.6533 target and likeliness is… https://t.co/t5aMp8EjFX pic.twitter.com/sSLOoH4EbF
— JAVON
MARKS (@JavonTM1) May 11, 2026
Marks set a first major upside target at $0.6533, a level that would bring DOGE back toward prices last seen in the 2021 cycle. He also noted that a break above $0.6533 could open the door toward $1.25, though DOGE would need to confirm strength above nearby resistance first.
A separate chart shared by analyst Bitcoinsensus shows DOGE sitting in what they label “Accumulation 3?” — a sideways structure similar to two earlier phases in DOGE’s history. The first accumulation phase preceded a 190% move, and the second came before a 480% rally.
Bitcoinsensus is watching whether DOGE can break above a descending trendline that has been in place since the late 2024 high. The RSI has started turning higher from a low area, with the RSI line crossing back above its signal line — an early improvement, though analysts say stronger follow-through is still needed.
On-chain and derivatives data are adding to the cautiously positive picture. CoinGlass data shows that over the last 4 hours, $17 million of the $21 million in total liquidations came from short positions. This kind of short liquidation activity often appears during short-term recoveries after periods of overselling.
DOGE futures Open Interest has recovered slightly to $1.64 billion. The funding rate sits at a positive 0.0057%, which shows that buyers are paying a premium to hold long positions — a sign of bullish sentiment in the derivatives market.
On the price chart, initial resistance is at the $0.1161 supply zone and the 200-day EMA at $0.1248. A daily close above $0.1248 would be needed to push toward the $0.1500 level. Support sits at the 100-day EMA ($0.1064) and the 50-day EMA ($0.1024).
The RSI is hovering around 62, above the midline, while the MACD has slipped marginally below zero, suggesting momentum is still mixed following the recent advance.
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