7 hours ago
12
- Dogecoin rose to $0.09535 while short liquidations wiped out nearly $470K in bearish positions.
- The coin is consolidating between $0.094 and $0.097 after recovering from its $0.086 March low.
- Traders are watching $0.10 resistance and potential developments around X’s upcoming payments feature.
The broader crypto market is beginning to show signs of life again, though the rebound still feels cautious. Among the early movers is Dogecoin, which has managed to edge higher while many traders were still leaning bearish. Over the past 24 hours, DOGE climbed about 0.48%, bringing its price to roughly $0.09535.
That move may look small at first glance. But in derivatives markets, it was enough to catch a number of short sellers off guard. When price ticks upward unexpectedly, traders betting against the market often get squeezed out of their positions.
Data from CoinGlass shows that roughly $470,140 worth of Dogecoin shorts were liquidated during the same period. That equals around 4.9 million DOGE wiped out from the market. In other words, bearish bets ended up badly timed as buying pressure crept back in.
Dogecoin Gradually Recovers From Early March Lows
Dogecoin’s recent recovery began earlier this month after the coin touched a local bottom around $0.086 on March 8. Since then, the price has been slowly climbing—nothing explosive, but steady enough to grab attention.
Starting on March 12, DOGE posted three consecutive days of gains. The rally briefly pushed the token to about $0.101 on March 13 before momentum cooled slightly and price pulled back.
After that surge, Dogecoin settled into a narrow trading band between roughly $0.094 and $0.097. The range is tight, almost quiet compared to earlier volatility. But from a technical perspective, these compression phases can actually matter quite a bit.
When price consolidates like this after a rally, it often signals that the market is gathering energy before its next move.
Dogecoin Still Trapped Inside a Larger Range
Zooming out a bit, Dogecoin hasn’t really escaped its broader trading structure yet. Since February, the coin has mostly bounced between two boundaries—roughly $0.0799 on the downside and about $0.117 on the upper end.
That wide sideways channel has kept both bulls and bears somewhat frustrated. Buyers haven’t been able to push through resistance, while sellers haven’t managed to break the lower floor either.
Until a clear catalyst appears, DOGE may continue drifting inside this range. Markets sometimes sit like this for weeks… occasionally months, building pressure until a breakout finally occurs.
Key Levels Could Decide Dogecoin’s Next Move
Right now, technical indicators suggest the next major test lies around the $0.10 level. That price aligns closely with the 50-day moving average, making it an important hurdle for bulls trying to extend the rally.
If Dogecoin can close above $0.10 on a daily basis, the market might start eyeing the next resistance zone near $0.12. Breaking that level could shift sentiment more decisively in favor of buyers.
From there, things get interesting. A sustained move above $0.12 would place the next logical target around $0.16, which would represent a meaningful breakout from the current trading range.
On the other hand, if momentum fades near $0.12, DOGE might simply drift sideways between $0.09 and $0.12 for a while longer. That type of consolidation wouldn’t be unusual.
Downside risk still exists too. A drop below the $0.09 support area would likely push price back toward the lower boundary near $0.0799—a level that has held as a solid base since February.
Potential Catalyst: X Payments Feature
Beyond technical charts, traders are also watching developments outside the market. Social media platform X is reportedly preparing to launch a new payments feature sometime next month.
The news has sparked curiosity within the crypto community, largely because of Dogecoin’s long-standing association with Elon Musk and the platform itself. Over the years, Musk’s public comments have frequently moved DOGE markets.
Still, it’s important to keep expectations grounded. As of now, there has been no official confirmation that cryptocurrencies—including Dogecoin—will be integrated into X’s payment system.
For the moment, the connection remains speculative. But speculation alone can sometimes be enough to keep traders interested.
Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
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