Dogecoin spiked to an intraday high of $0.1059 this week, touching its highest price in months after X announced new trading partnerships, before the pop faded and the token closed the day down 0.62%.

Bitcoin's latest push higher is dragging the rest of the crypto market along with it, and few coins are benefiting more than Dogecoin. The original meme coin punched through the psychological $0.10 level this week, hitting its highest price since June as it rode a mix of platform news, sector-wide meme coin enthusiasm, and a wave of leveraged bets.

The broader market mood has turned risk-on, with traders rotating profits out of Bitcoin and into smaller, higher-beta names—Dogecoin included.

The most prominent catalyst for the renewed interest came when X announced new trading arrangements with Gemini, Kraken, Coinbase, Moomoo, and Interactive Brokers, letting users trade straight from the timeline via cashtags on the app. The company publicized the rollout in a post on X. The lineup blends crypto-native exchanges with traditional brokerages and pushes order execution directly into the social feed—another step in X's effort to fold financial activity into the app itself.

Elon Musk has spent years cheerleading Dogecoin, and his companies have previously flirted with using it as a payment rail. The DOGE community may have read the announcement as one step closer to the coin earning a real seat at X's financial table.

The price action itself followed a classic pump-then-fade pattern. DOGE opened at $0.0999 and spiked to $0.1059 intraday before sellers showed up, then corrected to $0.0992, down 0.62% on the day. The news pushed the coin through the $0.10 level, but it could not hold there into the close.

Nor was it a DOGE-only story. Pepe and Shiba Inu also caught bids as the entire meme coin sector rotated hot. Dogecoin, created in 2013 as a lighthearted Bitcoin parody, remains the sector's founding and most recognizable token, with Pepe and Shiba Inu among its best-known successors. Derivatives open interest on Dogecoin jumped roughly 10% in a single hour to around $350 million—a sign that leverage, not spot conviction, was doing most of the lifting. Leverage cuts both ways: the same borrowed positions that accelerate a rally can just as quickly magnify a pullback.

Technical readings paint a mixed picture. The daily Relative Strength Index (RSI), an indicator of how oversold or overbought an asset is, sits at 69.4—bullish, but edging toward the 70 line where traders start watching for exhaustion. The Average Directional Index (ADX) reads 32.5, above the 25 threshold that separates a real trend from noise, with buyers (+DI) still in charge.

The Squeeze Momentum indicator is off, meaning the recent compression has already released to the upside. Momentum remains slightly negative but is curling upward—the market is catching its breath, not reversing.

One problem remains for the bulls. Dogecoin's 50-day exponential moving average (EMA) is still sitting below its 200-day EMA—the textbook death cross, a long-term bearish signal that forms after a sustained downtrend. That crossover has not budged. One favorable news cycle does not undo nearly a full year of a lagging moving average; it takes sustained buying to drag the 50-day back above the 200-day, and that is weeks of work, not one green candle. The markers to watch from here are straightforward: whether DOGE can defend the $0.10 level it briefly reclaimed whether the RSI cools before tripping the 70 line, and whether the 50-day EMA starts closing its gap to the 200-day.

The rally, in short, is real—but it is unfolding underneath a technical structure that remains bearish on paper.

Disclaimer: The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.