Dogecoin consolidates – Is DOGE setting up a bear trap for $0.20?
2025-06-29 14:09:02
Main Idea
Dogecoin (DOGE) is consolidating between $0.14 and $0.17, with potential for a breakout toward $0.20, but the market structure remains fragile due to weak buyer follow-through and high long liquidation dominance.
Key Points
1. DOGE has been consolidating between $0.14 and $0.17, rebounding from a key support zone last tested in early April.
2. The coin has seen three failed breakout attempts since early May, each met with sharp long liquidations, reinforcing a bearish market structure.
3. Binance’s DOGE/USDT perpetuals show 75% long dominance, indicating strong trader conviction but also amplifying liquidity sweep risks.
4. A recent 32% drop from DOGE's early-May high of $0.25 marked a leverage flush, with long liquidation dominance spiking to 96.29% before cooling to 6.14%.
5. Resilience in DOGE's price action despite high liquidation dominance suggests potential accumulation, possibly fueling a squeeze toward $0.20.
Description
Are DOGE bulls quietly setting the stage for a textbook bear trap?
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