Dogecoin Price Declines 8% as $60 Million in Shorts Loom
Dogecoin price dropped 8% over 48 hours, reaching $0.16. This decline aligns with a broader trend where investors are shifting focus to lower-cap meme tokens.
DOGE Traders Face $60M Sell Wall as Market Rotates into Smaller Memes
- Dogecoin shows a continued correction despite positive overall market sentiment.
- Large short positions of approximately $143 million dominate the derivatives market, significantly outweighing long positions of $103 million.
- Over $60 million in short positions created resistance at the $0.18 level.
- Traders are defending the $0.15 support level; failure to hold this could lead to further declines toward $0.12.
- A potential rebound above $0.18 could trigger a short-squeeze and push prices above $0.20.
Falling Wedge Pattern Eyes $0.24 as DOGE Holds Key Support
- The daily chart indicates a Falling Wedge pattern, suggesting potential bullish breakout if the upper resistance around $0.16 is breached.
- A breakout target is projected at $0.22, supported by an RSI at 37, indicating upward potential.
- A drop below $0.15 would invalidate this bullish outlook.
Snorter Gains Traction as DOGE Price Consolidates
- Traders are also considering Snorter, a new Solana-based project that has raised over $1.3 million in presale.
- Snorter combines memecoins with on-chain trading bots, offering early buyers access at $0.0965.
- This project is gaining attention as the market seeks the next significant opportunity similar to past successes.