Dogecoin Traders Caught in Squeeze as Price Tests Support

Dogecoin's price has been trading in a tight band over the past week, causing both long and short traders to get squeezed within hours of each other. This back-and-forth is significant because it affects the coin's direction.

The Dogecoin price prediction for the coming days carries extra weight right now, as the coin sits near levels that have previously decided its direction. Currently trading at $0.0838, down 1.1% over the past 24 hours, DOGE has been moving between $0.08204 and $0.0849.

Liquidation data shows that long positions have absorbed most of the recent liquidations, with a total of $2.81 million wiped out in the past 24 hours compared to just $86.67K on the short side. This imbalance suggests traders betting on an immediate rally got caught off guard as price slipped back toward support.

If the $0.08182 support fails to hold, DOGE could slide toward $0.07906. Conversely, if price pulls back toward the $0.08182 support and finds buyers there, a bounce could carry DOGE back up through the falling trendline.