[DigitalToday reporter Yoonseo Lee] Dogecoin hit its highest level in months on news that X expanded trading features.

On Sept. 22 (local time), Dogecoin rose as high as $0.1059 during the session, its highest level since June, blockchain media outlet Decrypt reported.

X said it is working with Gemini, Kraken, Coinbase, Moomoo and Interactive Brokers to allow users to trade directly via cashtags on the X app timeline. The market saw the move as a sign Dogecoin is stepping further into X's financial services.

But the rally did not last long. As selling emerged, the price fell to $0.0992, and it closed down 0.62 percent on the day. It was a sharp pullback after a spike to an intraday peak.

The move was not unique to Dogecoin. As risk appetite returned across markets on bitcoin strength, investment funds moved into relatively more volatile meme coins, and Pepe and Shiba Inu also gained. Investors were shifting part of their bitcoin profits into higher-beta assets, and Dogecoin benefited.

Still, the nature of demand was somewhat unstable. Dogecoin derivatives open interest rose about 10 percent in an hour to around $350 million. That was interpreted as a sign leveraged trading drove the price higher more strongly than spot buying.

Technical indicators showed both short-term overheating and the possibility the trend could persist. The daily relative strength index stood at 69.4, staying in bullish territory but nearing the 70 level watched by the market. The average directional index was 32.5, above 25, indicating a trend rather than noise, and buying strength also continued. The squeeze momentum indicator showed that volatility, which had been compressed, had already broken higher. Momentum itself was still slightly negative, but it was seen turning upward.

The issue is the medium- to long-term chart structure. Dogecoin's 50-day exponential moving average is still below its 200-day exponential moving average. That means the dead cross, typically viewed as a long-term bearish signal, has not been cleared. It would also take sustained buying over several weeks for the 50-day line to move back above the 200-day line.

Dogecoin's rebound can therefore be seen as the result of short-term catalysts, a recovery in market risk appetite and sector rotation into meme coins. But it failed to hold the $0.10 level on a closing basis, and a substantial part of the upside relied on leverage, making it too early to call it a trend reversal. Key points to watch include whether X expands related follow-on services and whether Dogecoin can regain $0.10 on spot-driven buying and clear the dead cross.