Dogecoin price signals rebound as open interest spikes 10%

Dogecoin (DOGE) price has found a robust support level around $0.088 since the beginning of February 2026.

After a heavy capitulation since early October 2025, DOGE price has potentially reached its bear market bottom and is ready for a relief rally in the near term. The top meme coin retested its $0.088 support level again on Tuesday and has gained over 3% in the past 24 hours to trade about $0.0921 at press time.

DOGE price 30-day chart. Source: Finbold 

Dogecoin price signals relief rally

In the four-hour timeframe, the DOGE/USD pair has been signaling a potential relief rally. As Bitcoin’s (BTC) price crossed $71,000 earlier on Wednesday, Dogecoin’s price gained more bullish momentum.

Moreover, DOGE price has formed a potential double bottom, in the four-hour timeframe, coupled with bullish divergence of its Relative Strength Index (RSI).

DOGE/USD 4hr chart. Source: TradingView.

In the daily timeframe, DOGE price has been retesting its support level established before its 2024 bull rally. Additionally, a bullish reversal pattern characterized by a double bottom and a rising divergence of its RSI has been forming in the past four weeks.

DOGE/USD daily chart. Source: TradingView

Why is DOGE price rebounding today? 

The main reason why Dogecoin’s price rebounded today was its technical reversal pattern coupled with renewed demand from investors. 

Dogecoin’s 1hr chart and OI. Source: X

Furthermore, Dogecoin’s Open Interest (OI), a measure of its derivatives and futures market per given time, surged by more than 10% to hover about $403.7 million.

Dogecoin’s social volume analysis. Source: X

Meanwhile, Dogecoin price has been rebounding today amid its rising social volume, according to Santiment. Historically, low social volume for Dogecoin has resulted in market rebound and vice versa. As such, Santiment expects Dogecoin price to continue rebounding in the near future until its social volume hits overheated levels.