Dogecoin [DOGE] approached a level that historically triggered strong reversals. Traders appeared to follow that pattern by placing long-leveraged bets ahead of a potential bounce.
Derivatives data platform CoinGlass showed that traders were heavily leveraged at $0.0857 on the downside and $0.0929 on the upside.
Those levels acted as key intraday support and resistance for DOGE. Traders built $26.56 million in long positions near the lower level and $15.48 million in short positions near the upper band.
This concentration marked the largest clusters of leveraged positioning across the derivatives market.
In addition to traders’ participation, the analytics platform Token Terminal shared data that strengthens DOGE’s bullish outlook.
Active Addresses increased from 901,000 to 973,100, marking 11.9% monthly growth. The increase suggested that user activity returned to the network after a quieter period.
That shift often aligned with improving sentiment when market participants returned to transact and trade.
Price climbs with volume
At press time, DOGE climbed over 2% in the past 24 hours and is trading at the $0.09020 level. Meanwhile, traders and investors have shown remarkable interest in the memecoin, which is evident in the trading volume, as it has jumped over 90% to $1.12 billion.
Rising volume alongside price indicates strong market participation and increases the likelihood of a continued trend.
According to AMBCrypto’s technical analysis, DOGE recently retested a major support level near $0.0872 on the daily chart.
The level had repeatedly acted as a demand zone since February 2024.
Over the past 30 days, DOGE tested that region multiple times and produced rebounds of roughly 20%, reinforcing its role as structural support.
If the price held above $0.0872, the pattern suggested a possible move toward $0.111, representing roughly 22% upside.
However, a breakdown below the level could expose DOGE to deeper losses toward the $0.06 region.
Even so, trend strength remained limited.
The Average Directional Index (ADX) stood at 16.02, below the key 25 threshold that typically signaled a strong trend.
Low ADX readings often suggested weak directional momentum, meaning the market lacked a confirmed trend despite price recovery attempts.
In fact, sentiment also received a boost from a widely followed crypto analyst.
The analyst shared a monthly DOGE chart showing a bullish pennant formation. According to the post, the broader structure looked “insanely bullish,” hinting at potential long-term upside.
If confirmed, such formations often preceded extended continuation moves after consolidation phases.
Final Summary
- DOGE approached a key reversal zone, where traders concentrated leveraged positions around $0.0857 support and $0.0929 resistance.
- Derivatives positioning intensified, with $26.56M in long positions and $15.48M in shorts clustered near those levels.
