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**Dogecoin (DOGE) Price: Support Holds Strong as Options Volume Surges 1546%**
The price action of Dogecoin (DOGE) has been a subject of intense scrutiny lately, and recent data suggests that the cryptocurrency is defending its crucial $0.19 support level after experiencing a significant daily drop of 7.85%. The sharp pullback was met with heavy buying pressure, which allowed DOGE to hold above this critical zone.
The data reveals an unprecedented surge in options volume, with a staggering 1546% increase since the last trading day. This monumental rise in derivatives activity indicates that institutional traders and market makers are actively preparing for increased volatility and potential upside movement.
As a result of these developments, traders who entered long positions are now facing heavy losses due to liquidation cascades, with total long liquidations reaching $3.53 million on July 15th compared to only $296K in short liquidations. This imbalance creates potential for further downward momentum acceleration if DOGE fails to hold above the $0.19 support level.
The current price action exhibits a descending micro-channel formation into $0.196, accompanied by repeated rejections at the $0.20 resistance level, thereby creating a near-term supply zone. The crypto community is eagerly anticipating potential future developments as Dogecoin continues its pursuit of the $0.25 target while maintaining this crucial support.
Source: coincentral.com
