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.
Source: CoinGlass
In addition to traders’ participation, the analytics platform 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.
Source: TradingView
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.
