Are you keeping a close eye on Dogecoin’s price action? The recent recovery in the DOGE/USD pair has been met with some challenges. Traders were unable to break past the $0.11 resistance level, leading to a 15% decline as profits were locked in. This rejection has set the stage for cautious trading as investors eagerly await the next major move.
But don’t count out the bulls just yet. Despite the recent pullback, the derivatives market suggests a potential bear trap. The DOGEUSD chart highlights the rejection at $0.11 and the gradual decline, but there are signs that bull traders are maintaining their positions with $29.05 million in leverage.
According to Coinglass’ Liquidation Map, long positions for DOGE currently stand at $29.05 million, while short positions are at $11.95 million. This significant difference in positions indicates that the bulls are willing to defend the current levels, even after the recent price correction.
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