Dogecoin reclaims $0.075, then immediately asks itself what it thinks it's doing 🐕

Dogecoin [DOGE] has reclaimed the $0.075 resistance level after three consecutive green candles and a 3.85% gain over the past 24 hours, trading at $0.075 at press time. The move follows a slide earlier in the week that took the token to $0.069, its lowest level since October 2023, after DOGE breached the $0.07 support alongside the broader crypto market. The rebound came even as spot trading activity expanded 11% to $717 million, with Buy Volume climbing to 681 million and Sell Volume rising to 619 million, a Coinalyze-tracked Buy/Sell Delta of 62 million that signaled spot accumulation.

Derivatives markets showed a parallel shift. CoinGlass data showed Futures Inflows of $339.8 million against Futures Outflows of $330.8 million, lifting Netflow 9% to $9 million. Since DOGE began signaling a potential trend reversal three days ago, cumulative Futures Inflows have reached $791 million. Earlier in the slide, the breakdown below $0.07 had triggered a wave of long liquidations worth more than $5 million, according to CoinGlass, while Futures Netflows had printed negative at $29 million over 24 hours. On 30 June, Sell Volume spiked to 674 million against Buy Volume of 594 million, a Buy-Sell Delta of -79 million.

Short-term positioning, however, has flipped more constructive. On the 12-hour timeframe, Futures Inflows jumped to $163 million while outflows dropped to $152 million, lifting Futures Netflow 126% to $10.7 million. DOGE has also reclaimed its 9-day Moving Average, and the Relative Strength Index (RSI) formed a bullish crossover, climbing out of oversold territory to 33, though it remains below the neutral 50 line. Earlier in the decline, the daily RSI had fallen as low as 21.

If demand holds, DOGE could push toward the 21-day Moving Average at $0.079 before testing the $0.08 level. Conversely, a fade in buying pressure, combined with unwinding leveraged positions, could reintroduce liquidation risk and open the door to another move below $0.07, with a downside path toward $0.067 if sellers regain control of the spot market.