Bullish DOGE Faces Profit-Taking Pressure – Rally or Reversal?
Dogecoin surged 19% from $0.1881 to $0.2232 on Friday, driven by speculative demand. Trading volume hit $6.5B, while Open Interest rose to $3.4B (+6.6%).
Key Insights:
Meme coin market cap up 6% to $77B in 24 hours.
$9.9M liquidations: shorts $8.2M, longs $1.7M.
Profit supply up 38% in a month to 105B DOGE — raising risk of early selling.
Technical Outlook:
Above 50 EMA; support at $0.2200, $0.2075, and $0.1881.
Resistance at $0.2317, $0.2594, and $0.2871 (July top).
If momentum holds, DOGE could target $0.2871.