- Dogecoin price forms higher lows near $0.20, signaling strong buyer interest at key support.
- A breakout above $0.27 could open targets at $0.32 and $0.38 on higher timeframes.
- Long/short ratios on Binance and OKX show 3–4x more long positions, indicating bullish trader bias.
Dogecoin price is once again testing the $0.20 level, which has acted as a base before past rallies. This price area has drawn attention from traders, as holding above it may confirm buyer strength and lead to a breakout attempt toward the $0.27 resistance zone. If the price drops below $0.20, it could suggest that bullish momentum is fading and a broader pullback might follow.
Dogecoin Price Short-Term Action and Market Signals
A possible signal is displayed at the $0.2000 on the 5-minute chart through several bullish signals on the 5-minute chart. Smaller pullbacks formed patterns, such as hammers or double bottoms, indicating that buyers are acting. The new one above $0.2020 is an indication of recent higher momentum.
The Awesome Oscillator is displaying positive bars, and the Moving Average Convergence Divergence (MACD) histogram has crossed above zero indicating that a bullish crossover can be expected.
The Relative Strength Index (RSI) is now at 63, which indicates its strength but is still not in the overbought zone. These indicators combined show a potential break towards the range of $0.2035 to $0.2050.
Source: TradingView
Levels of resistance lie between the levels of $0.2030 and 20 35. A solid gain above this level would be a signal that would make more potential purchasers join the market. With the price unable to support $0.2015, the next support might be at the $0.2000 mark.
Derivatives Data and Trader Positioning
Derivative metrics indicate a conservative setting. The volume of futures selling is off by over 36% and the volume of options trading is off by almost 79%, indicating decreased traffic.
However, open interest in options rose more than 12%, not necessarily an indication that those traders not positioning are future volatility are lost to it.
Source: Coinglass
The bull-heavy long/short ratios are biased within the exchanges. Binance and OKX display 3-4 times longer than shorts which is a positive indicator.
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