Dogecoin Price Shows Signs of Recovery Amid Short Squeeze Fears
The Dogecoin price has shown signs of recovery after consolidating within a specific range. The memecoin successfully defended its key support zone near $0.071, and buyers regained control following weeks of sustained selling pressure.
A potential shift in short-term sentiment is hinted at by the momentum indicators, which are beginning to improve. This could be an indication that the Dogecoin price may break through resistance and extend its current rebound toward $0.08.
The Relative Strength Index (RSI) has climbed to around 45, recovering from oversold territory and pointing to improving buying momentum. However, the indicator remains below the neutral 50 mark, suggesting bulls still need stronger follow-through to confirm a sustained trend reversal.