The broader cryptocurrency market is staging a cautious comeback. Dogecoin is among the assets leading early gains, posting a 0.48% increase over 24 hours to trade at $0.09535. The move has caught short sellers off guard, triggering significant liquidations and hinting at a potential shift in market momentum.
Data from CoinGlass confirms that short positions dominated liquidations in the same period, with $470,140 worth of DOGE, equivalent to roughly 4.9 million tokens, wiped out. The figures suggest that bearish bets were poorly timed as buying pressure returned to the market.
Recovery Builds From March Lows
Dogecoin bottomed out at $0.086 on March 8. Since then, price action has reflected a measured but consistent recovery. The coin registered three consecutive days of gains starting March 12, briefly touching $0.101 on March 13 before pulling back.
That pullback settled DOGE into a tight band between $0.094 and $0.097. While modest in range, the compression is technically meaningful. Tight consolidation following a multi-day rally often precedes a sharper directional move.
The broader context remains one of sideways trading. Since February, Dogecoin has oscillated between $0.0799 and $0.117 without breaking either boundary. The market has not yet delivered a decisive catalyst to end that range-bound behavior.
Key Price Levels Traders Are Watching
Technical structure is guiding near-term expectations. The 50-day moving average sits near $0.10 and represents the first meaningful hurdle for bulls. A daily close above that level would signal strengthening momentum and could open a path toward $0.12.
Should DOGE reach $0.12, two outcomes become likely. If price holds above that level, the next logical target sits at $0.16, a level that would represent a substantial breakout from the current range. If the rally stalls and price pulls back from $0.12, the coin may consolidate between $0.09 and $0.12 for an extended period.
Downside risks remain in play. A break below the $0.09 support level would shift focus back to the range floor at $0.0799. That level has acted as a reliable base since February and will be critical to defend if selling pressure returns.
Beyond price charts, a potential fundamental driver is taking shape. Social media platform X is preparing to roll out a payments feature, expected to go live next month. The development has drawn attention from the crypto community, given Dogecoin’s historical association with the platform and its owner, Elon Musk.
However, the connection remains speculative for now. As of the time of writing, no official announcement has confirmed crypto integration into X’s payments framework.
Source: https://coinpaper.com/15451/dogecoin-price-eyes-0-12-breakout-as-x-payments-feature-approaches
