DOGE Price Bull Trap: Analysts Warn of Imminent Reversal

The DOGE price has been on a tear, gaining 6.39% to reach $0.09-$0.10, but analysts are warning that this move may be a bull trap.

According to Jessie A Ellis's analysis, the chart structure is clean, with every meaningful moving average stacked at $0.09, but this also means there's no separation between where price is trading and where it gets into real trouble.

The next 24 hours will be crucial in determining whether DOGE breaks through the upper Bollinger Band of $0.10 or revisits $0.08, which is the SMA 50.

Top traders on Binance Futures are long, but open interest has collapsed by 14.7% in 24 hours, indicating that some investors may be taking profits or being forced to close their positions.