Dogecoin has temporarily stabilized after the previous sharp decline, with market attention refocusing on the $0.078 to $0.080 range. The price had previously pulled back from around $0.10, dipping as low as $0.078, before buying interest emerged, pushing DOGE back above $0.086. However, the rebound remains limited, and the short-term direction is still unclear.
$0.078 to $0.080 remains a key area.
From the price movement, this range has once again become a major support zone. Buyers absorbed selling pressure after the price declined, preventing further downward momentum. The article suggests this indicates continued demand at this level.
However, this rebound is not yet sufficient to indicate a trend reversal. DOGE remains below two key resistance levels at $0.097 and $0.105, and the overall structure has not broken free from a series of lower highs. Until these levels are reclaimed, the current rally appears more like a recovery from a decline than confirmation of a new upward trend.
Derivatives funds are flowing back in
In the derivatives market, open interest has rebounded. Data shows that DOGE open interest, which had significantly declined during the prior correction, has risen to approximately $1.1 billion, up from around $1 billion previously.
This typically indicates that some traders are rebuilding their positions rather than continuing to stand aside. Previously, the price and open interest moved in tandem downward, reflecting leveraged positions being liquidated or voluntarily exited during the decline. Now, with open interest rising, the market is preparing for the next move.
- The current open interest is approximately $1.1 billion.
- The May high approached $1.8 billion.
- Current activity remains significantly below previous peaks.
Upper resistance continues to limit the upside potential.
In the short term, the $0.086 to $0.088 range is the first area to watch. If the price holds steady and continues to move upward, the market may next test $0.097, followed by around $0.105.
Conversely, if the support level between $0.078 and $0.080 is broken, the current recovery momentum may be disrupted, and selling pressure could intensify again. According to the analysis in this article, the next downside target may fall within the range of $0.072 to $0.074.
Overall, Dogecoin remains at a short-term turning point. The support level is temporarily holding, and traders are beginning to reposition, but buyers have not yet truly regained control.