Dogecoin is rising and hits $0.10 after weeks of pressure

I’ve seen that DOGE has been regaining strength after falling to $0.090. Now, the Dogecoin value is at $0.10, with the price up 3.88% over the last week. Interestingly, the memecoin has reversed the 20- and 50-day moving averages, signaling a shift in trend. The charts are showing higher highs being reached, which is a clear sign that buyers are in control.

What caught my attention was the movement of resources in the futures market. According to data from CoinGlass, Dogecoin’s Open Interest rose 10% to US$ 1.2 billion, while derivatives volume fell. This suggests that people are accumulating positions, but with less trading movement. In addition, US$ 718.2 million entered futures positions, while US$ 662.5 million exited. The result was a positive net flow of US$ 55.68 million, up 42%.

The interesting part is that this move was driven mainly by short covering. As the market rose, more than US$ 2.7 million in shorts were liquidated. Investors rushed to cover positions and avoid losses, which created even more buying pressure. The Bulls x Bears indicator reached 25.5, showing that buyers are well ahead.

But there’s a downside that’s concerning. After the Dogecoin value touched $0.097, deposits on exchanges increased significantly. This usually indicates that traders are preparing to sell and realize profits. The Spot net flow rose to US$ 4.2 million in inflow, suggesting that sellers are dominating exchanges. If this selling pressure continues, we could see the price retreat to $0.092 in the coming days.