Dogecoin holds $0.070 as bullish divergence signals easing selling pressure
Key takeaways
- Dogecoin is trading near $0.070 after declining 3.5% last week.
- DOGE's long-to-short ratio rose to a one-month high of 1.25, signaling bullish positioning.
- Funding rates remain positive at 0.0074%, indicating stronger demand for long positions.
Dogecoin (DOGE) is holding steady near $0.070 at the time of writing on Tuesday after falling 3.5% last week.
Although the broader technical trend remains bearish, improving derivatives data and bullish divergences across key momentum indicators suggest that selling pressure may be easing. This setup could support a short-term recovery if buyers defend the current support zone.
Derivatives data supports a bullish DOGE outlook
Dogecoin derivatives traders are showing signs of growing optimism. The DOGE long-to-short ratio climbed to 1.25 on Tuesday, its highest level in more than a month, according to CoinGlass.
A reading above 1 indicates that long positions outnumber shorts, suggesting more traders expect the price to rise.
Dogecoin's funding rate also supports this bullish outlook. The rate turned positive on July 24 and stood at 0.0074% on Tuesday.
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