Crypto & Forex August 12, 2026 0 Comments

Dogecoin Surges Nearly 3%—But This Critical Barrier Could Make or Break Its Next Big Move!

Dogecoin [DOGE] has once again captured the spotlight, rallying off the crucial $0.07 support level to hit a fresh two-week peak near $0.073 before pulling back slightly. Now, that spark of momentum isn’t just a blip—DOGE’s recent jump, trading at approximately $0.0721 and slicing through its 9-day and 21-day moving averages, tells a bigger story about capital flows and market psychology. With trading volume surging more than 70% past the $500 million mark, and market cap climbing an impressive 13% to $12.3 billion, it’s clear investors are taking notice—probably asking themselves, “Is this the next big breakout or just another deja vu?” What’s behind this uptick, though? Think leveraged bets meeting a well-timed short squeeze that forced a stampede of short sellers back into the market—adding fuel to Dogecoin’s already hot fire. Futures inflows, derivatives volume, and open interest all paint a vivid picture of traders shifting gears, positioning for what could be an intriguing test of Dogecoin’s staying power. Is this meme coin gearing up to break through resistance towards $0.08, or will early profit-taking send it tumbling back toward $0.07? Strap in, because the next few moves are about more than just price—they’re a lesson in market dynamics, psychology, and yes, maybe a little bit of meme magic. LEARN MORE

Dogecoin [DOGE] rose after holding the $0.07 support level. The memecoin reached a two-week high of $0.073 before retracing slightly.

At press time, DOGE traded near $0.0721, up 2.93% on the daily chart. It also moved above its 9-day and 21-day moving averages.

Trading Volume rose 72% above $500 million. Market capitalization increased 13% to $12.3 billion, reflecting stronger capital inflows.

What drove Dogecoin’s price rally?

DOGE’s recent move appeared driven by leveraged demand and a short squeeze.

As the market rebounded, short positions below $0.07 faced liquidations. CoinGlass data showed that more than $1.5 million in short positions were liquidated.

Dogecoin liquidation — Source: CoinGlass

Those liquidations forced short sellers to buy back DOGE. That added demand and strengthened the memecoin’s upside move.

In fact, capital also returned to Dogecoin’s Futures market. Futures Inflows reached $381 million, compared with $372 million in outflows.

Dogecoin Futures inflows — Source: CoinGlass

Consequently, Futures Netflow rose 172% to $9.36 million. The metric had not closed positively in recent months.

On top of that, Derivatives Volume increased 114% to $1.22 billion. Open Interest also rose 5.3% to $1.23 billion.

Dogecoin derivatives data — Source: CoinGlass

The higher Open Interest and Derivatives Volume suggested traders opened fresh positions. The Long/Short Ratio reached 1.01 and exceeded 2 on Binance and OKX. That positioning showed traders had shifted toward longs. The next test depended on whether spot buyers followed.

Can DOGE hold its bullish momentum?

Dogecoin’s Relative Strength Index (RSI) supported the improving momentum. The RSI rose to 53 and moved into bullish territory.

DOGE MA Cross & RSI — Source: TradingView

This indicated buyers had gained control over sellers. If that demand holds, DOGE could break the $0.075 resistance and target $0.08.

However, Spot Netflow reached a monthly high of $5.23 million on Aug. 11. It then cooled at press time. That suggested some holders took profits into the rally. If speculation fades and spot selling grows, DOGE could revisit $0.070.

Final Summary

Dogecoin [DOGE] rose 2.93% and reached a two-week high of $0.073 after reclaiming the $0.07 support level.
DOGE could target $0.08 if it breaks the $0.075 resistance level.