Dogecoin (DOGE) has stabilized! Big players are betting, retail investors are following, and this short-term rebound for Dogecoin is lively! A breakout could push it to 0.164!

As of Wednesday's report, the price of Dogecoin (DOGE) has stabilized, having risen nearly 4% on Tuesday. From the derivatives perspective, the entire crypto market is rebounding, with more bullish sentiment and retail investors becoming active. There are mixed signals technically, but indicators show that selling pressure is easing, so everyone is now mainly focusing on local resistance levels.

The retail market for Dogecoin is performing well

Retail investors are buying Dogecoin, which means short-term speculation may drive a rebound. The open interest (OI) for DOGE futures has reached $1.49 billion, up 10.29% in the past 24 hours. The enthusiasm in the futures market indicates that investors are starting to take risks again.

Similarly, the weighted funding rate for DOGE futures' open contracts is 0.091%, indicating that there is a high bullish sentiment, and people are willing to pay a bit more to bet on the long side. Meanwhile, the long-short ratio chart shows that longs account for 50.83% of all active positions, up from 48.44% on Sunday.

The demand for Dogecoin (DOGE) derivatives has been rising recently, primarily driven by investors with large capital, commonly referred to as 'whales.' They have placed several large orders, significantly increasing the average order size for Dogecoin futures, indicating that these large players believe there is still a chance for Dogecoin to rebound.

Dogecoin is eyeing the resistance trendline, attempting to sustain its upward momentum.

Currently, Dogecoin is nearing a local resistance trendline formed by connecting the highs of October 26 and November 11, approximately at $0.1480. If it can close above this on Wednesday, it may confirm a breakout, then targeting the 50-day exponential moving average (EMA) at $0.1644.

The lower red area just above the $0.1800 supply zone, along with the 200-day moving average at $0.1970, may pose resistance above.

However, the technical indicators on the daily chart are still relatively neutral: RSI 46, consolidating between the midpoint and oversold area; MACD continues to rise, with the signal line approaching the zero axis.

On the other hand, if Dogecoin breaks below the April low of $0.1298, it may further test the low of October 10 at $0.0950.