Yesterday, Dogecoin's price surged 4%, rising to $0.206, after briefly dropping to $0.19 over the weekend. At the same time, the Dogecoin futures market is showing a strategic bullish trend, suggesting further potential increases in the future.
According to Coinglass data, the open interest has increased by 2.63%, surpassing $3.01 billion, while futures trading volume has decreased by 8.9%. The drop in trading volume indicates that most Dogecoin traders have leaned towards holding leveraged long positions in the past 24 hours.
Bullish traders holding leveraged long DOGE over the weekend have now seen significant returns. Data from top traders also reflects a positive shift in market sentiment. For example, the Binance DOGE/USDT long-short account ratio is 2.7693, while OKX is as high as 3.89, and Binance's DOGE long-short position ratio reaches 2.8642.
With over $100 million flowing in during trading, the long/short ratio has increased, indicating that top traders are in the dominant position, further supporting the outlook for a Dogecoin price recovery.
Dogecoin Price Prediction: Can it hold above $0.21 and break through $0.24?
Dogecoin's price has rebounded 10.75% within two days, recovering half of last week's 20% drop. Technical indicators show that Dogecoin's current price is testing the 5-day SMA ($0.201), with the daily chart's upper shadow nearing the 8-day SMA resistance level ($0.206).
If DOGE breaks above the 13-day SMA ($0.20958), it could pave the way for a retest of the $0.24 resistance zone, confirming a full recovery from the recent downtrend. The RSI indicator is at 46.70, above the weekend low of 39, indicating neutral momentum with room for further upside before reaching overbought territory.
However, if DOGE fails to close above $0.21 in the next 24 hours, sellers may regain dominance, and the price could retreat to the $0.188 region. In summary: Dogecoin's current price trend is favorable for short-term bulls, but it needs to consistently hold above $0.21 to challenge the $0.24 high further.
