Dogecoin Price Holds at Key Level Amid Short Squeeze Fears
The price of Dogecoin (DOGE) has taken a hit, plummeting by 7.36% to $0.09. However, this downturn is being seen as an opportunity for smart money to accumulate long positions.
The coin's 200-day moving average at $0.09 is now acting as a line in the sand, with traders waiting to see if it will hold or break.
A look at the charts reveals that momentum has flattened out, with the MACD histogram printing at zero and the RSI sitting at 59.57. This suggests that selling pressure has temporarily exhausted itself, rather than buyers seizing control.
The Bollinger Band picture is also an important technical read, with DOGE hugging closer to the upper band ($0.10) than the lower ($0.08). The ATR of $0.01 confirms that daily volatility is tight relative to historical norms for a meme-tier asset.