Dogecoin Tests Channel Resistance Amid Growing Volume

Dogecoin (DOGE) continues to recover from its August lows after bouncing off support inside an ascending channel on the four-hour chart. The token has reclaimed its 20 and 100 exponential moving averages, with the Relative Strength Index (RSI) near 56.5 indicating improving buying strength.

Trading volume jumped 87.54% to $1.30 billion, while open interest remained steady around $1.25 billion. This suggests that more traders are becoming interested in DOGE without taking on excessive leverage.

The next resistance level sits between $0.088 and $0.093, a range that Dogecoin has struggled to clear since its August rally began. Analyst Trader Tardigrade points out that if DOGE breaks through this zone, it could move towards the $0.10 mark, an 18% increase from current levels.