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Dogecoin is stabilizing after a prolonged decline, but despite a noticeable shift in derivatives positioning, the overall market structure remains bearish.
After months of steadily lower highs and lower lows, the price is trading sideways around the $0.09 level. Dogecoin is still below all major moving averages, which continue to slope downward, indicating that the broader trend has not yet reversed.
A key feature of the current setup is the imbalance between long and short positioning. Data cited from some exchanges shows long/short ratios reaching as high as 4:1, meaning a large majority of traders are positioned for upside. In isolation, such bullish positioning would typically support the case for a rally.
That bullish positioning is tempered by weaker participation. The article notes that major exchanges have recorded a decrease in trading activity, with volume down by double digits on certain platforms. Even with positioning skewed toward longs, reduced volume can limit the market’s ability to sustain longer-term directional moves.
Liquidation data also does not indicate a major squeeze in either direction, suggesting the market is not in a breakout phase but rather in a state of equilibrium. Short-term flow data points to sporadic inflows, particularly in futures markets, but these inflows have not translated into price gains.
The case for a sustained rally is further weakened by irregular spot flows. The article states that derivatives-driven moves tend to fade quickly when spot demand is not strong enough to support follow-through.
While price action reflects underlying weakness, the long-heavy positioning signals optimism among traders. The article concludes that the most likely path remains sideways to slightly downward until DOGE can reclaim key resistance levels and break out of its descending structure.
In brief\n\nBitcoin dropped to about $93,000, falling back below the EMA50 and putting its recent golden cross at risk of invalidation. The global crypto market cap stands at $3.15 trillion, down 2.38% in 24 hours. On Myriad Markets, 82% of the money is betting on Bitcoin pumping to $100K before…