Dogecoin (DOGE) has tried to scale $0.080 The resistance area at the beginning of July, but he was unable to do so. It appears that the bulls may make another attempt to push prices higher.
Founder and CEO of cryptocurrency intelligence platform Alphractal, João Widson, noted in a post on X that whales were going long on Dogecoin while retail continued to hold short positions.
This shift in sentiment occurred when DOGE fell just below the DOGE level $0.07 No. tour earlier in July. The analyst believes that this change should continue if the memecoin can significantly change its long-term downward trend.
As things stand, a short squeeze is possible, but sustained demand is needed to help push the memecoin towards recovery.
the Filter map for 3 months It is revealed that the price is moving towards… $0.08 It was more likely than a downward decline, based solely on liquidation concentrations.
The cumulative short liquidation leverage was stronger. This means that a price move higher would force more liquidations, and market buy orders can help in a perpetual market. Dogecoin Climb higher.
However, these gains can quickly reverse and turn into a short squeeze.
Let’s see if the price charts agree with the filter map.
Whale buying against downward structural trends
Lowest level for February at $0.08 It was hacked in June, making… $0.118 Swing to the top of the level that holds the downtrend in place. It is interesting that $0.081 The level is marked 23.6% Retracement level.
It is an area of short-term resistance, and has behaved as such in recent weeks. If it is restored as support, the rally reaches $0.108 maybe.
There is also a possible bearish scenario where Bitcoin (BTC) Unable to meaningfully exceed $65k. In this case, Dogecoin may perform a final scan of $0.08 area before it falls to new lows.
Final summary
- Whales continued to buy Dogecoin even as retail remained short, a divergence in sentiment that could have a say in price trends.
- The lack of strong buying pressure and the potential for a short squeeze to $0.08 means that a Dogecoin recovery remains unlikely.
