Dogecoin at a crossroads: Bounce toward $0.25 or burnout below support?

Key Points

1. DOGE reclaimed the $0.19 support level earlier in July, sparking optimism for a potential rise to $0.25, but faces fragility with a 7.85% daily drop at press time.

2. Speculative interest in DOGE has surged, with options volume up 1546% and Open Interest rising 229%, reaching $2.2 million, indicating strong bullish sentiment.

3. The OI-Weighted Funding Rate stood at +0.00999%, showing longs are still paying to hold positions, but a drop below $0.19 could trigger rapid declines.

4. The RSI at 58 suggests potential for upward momentum, but a break below the ascending trendline could invalidate the bullish outlook.

5. Long positions dominate with 75.73% of all DOGE positions, and the Long/Short Ratio was 3.12, indicating extreme bias toward longs, which could lead to heavy liquidations if support fails.

6. Long liquidations surged to $3.53 million on July 15, reflecting vulnerability as traders use high leverage but struggle to sustain upward momentum above $0.20.