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Dogecoin (DOGE) price has managed to hold strong at the $0.19 support level despite a significant daily drop of 7.85%. This comes as options volume surges by an astonishing 1546%, indicating a growing sense of bullish sentiment among traders.
According to recent data, Dogecoin is defending its support level after a sharp pullback of almost 8% in the previous trading session. The cryptocurrency has been trading within a descending micro-channel between $0.196 and $0.200 during late trading sessions, hinting at near-term consolidation.
The data suggests that the price action has bounced cleanly off this structure multiple times, indicating traders are closely monitoring this level. Moreover, the ascending support trendline formed since mid-June is still intact, providing a strong foundation for further growth. Analysts have flagged $0.21 as the next extension target if bulls can regain strength and push above current resistance levels.
It’s worth noting that long positions accounted for 75.73% of all Dogecoin trades on Binance, with a Long/Short ratio reaching 3.12. This extreme bullish bias among traders could lead to liquidation cascades if the $0.19 support level fails to hold. Market makers have been observed defending support levels near $0.190 during early trading sessions, indicating institutional involvement in maintaining price stability.
Dogecoin is targeting $0.25 as long as it holds above the crucial $0.19 support zone.
Source: coincentral.com
