Dogecoin [DOGE] seemed to be playing catch-up to an explosive rally fronted by Shiba Inu [SHIB] on Thursday. In fact, SHIB topped weekly charts with 36% gains, while DOGE’s gains stood at “just” 15% over the same period.

Now, DOGE could still see potential 33% gains and effectively catch up to SHIB. However, this roadblock must be cleared for the rally to extend.

On the daily charts, DOGE retested its Q2 support at $0.12, at the time of writing. It has stayed below this level since late July. Although the memecoin didn’t surge after reclaiming the support in mid-July, doing so could set it to target $0.16.

Such a move to $0.16 could trigger 33% potential gains for DOGE bulls. However, there seemed to be a key roadblock at the 200-day MA (Moving Average) at $0.13. A strong jump above the moving average could accelerate DOGE’s upswing to $0.16.

The rising trading volume (OBV) and RSI signaled strong buying pressure. This could boost DOGE’s attempt to reclaim its Q2 support.

However, a price rejection at $0.12 would invalidate the bullish outlook.

That being said, DOGE’s Futures market also seemed strongly bullish, as denoted by a sharp rise in Open Interest (OI) alongside massive liquidations of short positions. About $5 million worth of short positions were liquidated in the last 24 hours alone.

However, the recent rally to $0.12 also tipped about 75% of DOGE holders’ into unrealized profit. This called for caution should the holders opt to take some profit at the resistance at $0.12. Such a move could derail the recovery.#BinanceTurns7 #doge⚡ #shiba⚡ #BTC☀ $BTC $ETH $BNB