Dogecoin Price Rebounds on Short Squeeze Hopes

Dogecoin's price has begun to recover after weeks of sustained selling pressure.

The memecoin successfully defended a key support zone near $0.071 and is now attempting to break above a descending trendline that has capped every recovery since late June.

The Relative Strength Index (RSI) has climbed to around 45, indicating improving buying momentum, but remains below the neutral 50 mark, suggesting bulls still need stronger follow-through to confirm a sustained trend reversal.

A significant concentration of short liquidations is positioned between $0.075 and $0.081, according to CoinGlass' 30-day liquidation map, which could fuel an upside move if Dogecoin manages to break above the immediate resistance near $0.074.