Dogecoin (DOGE) briefly reclaimed the $0.10 level alongside a broad market rebound before pulling back. Derivatives data showed a significant surge in trading volume and open interest, indicating fresh speculative positioning. However, on-chain metrics revealed selling pressure increased during the price jump, placing the memecoin at a technical crossroads.
Dogecoin rebounded with the broader crypto market, briefly reclaiming $0.10 before retreating. At press time, DOGE traded at $0.099, marking a daily gain of 7.43%.
Derivatives activity heated up alongside the price move. Data from CoinGlass showed Derivatives Volume climbed 72.42% to $3.36 billion, while Open Interest rose 7.05% to $1.05 billion. This concurrent rise typically signals fresh market positioning rather than position closures.
Long/Short data indicated a bullish skew among traders. The overall 24-hour Long/Short Ratio stood at 1.0182, while ratios on major exchanges like Binance and OKX were higher, suggesting aggressive long exposure. Despite this leveraged interest, the price advance faced headwinds.
Following the hike, DOGE flipped the bearish Relative Strength Index (RSI) threshold at $0.10343 before pulling back. The memecoin’s Relative Vigour Index (RVGI) made a bullish crossover but remained in negative territory at -0.09, validating the presence of sellers.
On-chain data confirmed increased selling pressure. After the rebound, Dogecoin’s Sell Volume rose to 256 million compared to 244 million in Buy Volume. This resulted in a negative delta of -12 million, a clear sign of distribution.
Such conditions show a market at a crossroads, with bulls and bears actively fighting for control. If the recent demand holds, DOGE could target $0.11 and potentially “set the ground for a possible jump towards the bullish threshold at $0.14.” Conversely, if selling pressure continues, the price may decline to the Oversold Rebound level at $0.093.
