Dogecoin's comeback is imminent! Buyers are returning, and prices may rebound significantly

Since reaching a high of $0.43 three months ago, Dogecoin (DOGE) has been in a downward trend. The current price is $0.1726. Although it has fallen by 4.24% in the past week, there has been a recent short-term rebound, rising from $0.16 to $0.17466.

The surge in options trading volume indicates increased market activity. Despite a 0.87% decline in DOGE over the past 24 hours, the return of buyers seems to be driving a market reversal. In the past day, buyers purchased 748.7 million DOGE, while sellers sold 730 million, leading to an order imbalance that shows buyer strength prevailing.

Long positions in the futures market account for 69.7%, while short positions are at 30.3%, indicating that most investors are bullish and expect prices to rebound. At the same time, the net flow in the spot market is negative, showing that outflows from exchanges exceed inflows, indicating that investors are accumulating DOGE.

As the scarcity of DOGE increases, prices may rise with the continued growth in demand. If buyers continue to accumulate, Dogecoin is expected to break through the resistance level of $0.187; however, if bullish momentum weakens, it may pull back to $0.165.