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Following
DOGE DOGE pulled up in the short term: demand for leverage and short clearing drove the rebound
DOGE rose 2.93% to about US$0.0721 after hitting a two-week high of US$0.073. Demand for leverage and short clearing jointly drove the rise of this memin coin.
Key Points
DOGE climbed to US$0.073 after stabilizing at US$0.07 support and broke through the 9th and 21st moving averages. During the market rally, short positions of more than $1.5 million were liquidated. The next test will be whether spot buyers can push prices above $0.075 and move towards $0.08.
DOGE short squeeze
DOGE touched US$0.073 after gaining support at US$0.07 support and stood on the 9th and 21st moving averages. Trading volume surged 72% to exceed US$500 million, with a market value approaching US$12.3 billion.
Data showed that more than $1.5 million of short positions below $0.07 were cleared, forcing bearish traders to buy back DOGE when prices recovered. Inflows into the futures market reached US$381 million, higher than outflows of US$372 million, and net flows surged 172% to US$9.36 million after several months without positive results. Derivatives trading volume climbed 114% to $1.22 billion, and open interest contracts rose 5.3% to $1.23 billion. The overall long-short ratio reached 1.01, and even exceeded 2 on some exchanges.
DOGE price outlook
Technical aspects have also improved. Dogecoin's Relative Strength Index (RSI) rose to 53, in the neutral range, supporting the possibility of another test of $0.075. Analysts pointed out that if this resistance level is exceeded, it may open a channel for a move towards US$0.08.
The risk is that spot demand has not increased simultaneously. Net spot flow fell back after hitting a monthly high of US$5.23 million on August 11. Analysts believe that this pattern is related to profit-taking after prices rise. This divergence is noteworthy because short squeeze can accelerate the rally, but it may not create lasting demand. DOGE could retest $0.070 if speculative activity recedes while spot selling increases.
Before the latest rebound, dogcoin experienced a period of volatility. Previously, DOGE fell 5% to about US$0.079 after falling below US$0.08, when net futures flow was minus US$46 million and RSI was 28. Prices are now back above $0.07, indicating leverage has shifted from defensive to supportive, but DOGE still needs spot buyers to enter to confirm a broader recovery.
