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Dogecoin extended its recent rebound from an April 13 low of $0.09 as capital rotated into the altcoin sector. According to Ali charts, Dogecoin whales accumulated about 330 million DOGE over the last few days.
Dogecoin rose near the $0.10 level, but bulls were unable to advance the move, with the price only touching $0.0998 on Thursday and $0.996 on Friday.
It appears that derivatives and leveraged positioning also contributed. Traders building short positions and betting against a breakout created conditions for a potential short squeeze, boosting upward momentum.
This is seen in short liquidations surpassing those of long positions, coming in at $3.99 million, while long liquidations totaled $2.59 million. The move happened over a series of higher lows, which meant that the price was steadily building up rather than having one big jump.
The price increase is backed by volume, with derivatives volume rising 56% in the last 24 hours to $3.63 billion and spot trading volume increasing 62% in the same time frame to $2.84 billion, which confirms participation and not just thin liquidity.
$0.10 level comes into focus
At the time of writing, DOGE was up 2.51% in the last 24 hours to $0.0979 and up 6.08% weekly. With Dogecoin's recent attempts stalling slightly above $0.099, the $0.10 level now comes into focus.
Traders are watching $0.104 as key resistance and 0.096 as near-term support, with a drop below the $0.092-$0.090 area likely suggesting a further decline.
However, the broader structure remains that of sideways trading below descending resistance, not a confirmed trend reversal. Open interest has risen in the last 24 hours, up 7.73% to $1.37 billion, according to CoinGlass data.
The larger crypto markets are still mixed right now, with money moving into certain crypto assets instead of causing a full market-wide rally. Dogecoin's main resistance level is $0.10, and a clean break may be needed to confirm that the price will continue to rise.
Dan Burgin
U.Today Editorial Team
