Dogecoin Price Breakout Imminent as Short Position Worth $91.73M Faces Liquidation

The Dogecoin price is currently consolidating in a rectangle pattern between $0.068 and $0.074, which has contained the price since late July.

Three RSI bullish divergences have formed since June, where the Relative Strength Index made a higher low while the price made a lower low. This indicates building momentum that historically precedes recoveries when combined with a range breakout.

A high-leverage short position worth $91.73M faces liquidation if Dogecoin reaches $0.0722, which is just above the rectangle's upper boundary at $0.074 and the Bollinger Band midline at $0.07207.

The analyst Crypto With Gopal pointed out that a breakout above $0.074 could open the door to $0.080, while a breakdown below $0.068 could risk further downside.