Dogecoin Jumps 8% on August 8 — Poised to Break $0.25 or Slip Back to $0.18?

Jakarta, Pintu News – Although Dogecoin recovered by 3.5% to $0.205 on August 6, data from the derivatives market shows that this recovery has not yet shown strong conviction.

According to Coinspeaker (August 7), open interest rose by 1.66% to $3.05 billion, while shorts dominated over longs across all major intraday timeframes: 1hr, 12hr, and 24hr.

This imbalance shows that most new positions are opened with a bearish outlook, aka the expectation that this price increase is only temporary.

Then, how is the current Dogecoin price movement?

Dogecoin Price Rises 8.56% in 24 Hours

On August 8, 2025, Dogecoin surged 8.56% over the past 24 hours, trading at $0.2219, or roughly IDR 3,601. During the day, DOGE touched a low of IDR 3,315 and climbed to a high of IDR 3,643.

At the time of writing, Dogecoin’s market cap stands at around $33.38 billion, with trading volume rising 99% to $2.56 billion within 24 hours.

Read also: Ethereum Price Surges 6% to $3,900 Today (August 8) as Tom Lee Predicts a Rally Toward $16K!

Bulls Still Under Pressure

As of August 7, DOGE’s total liquidated positions stood at $4.73 million-with $2.72 million coming from shortpositions, and $2.01 million from longpositions-indicating that optimistic market participants (bulls) are still under pressure.

In the shorter timeframe, the liquidation of short positions remains greater than longs, at $1.34 million versus $65,000 in the 4-hour chart, and $1.66 million versus $460,000 in the last 12 hours.

Moreover, top traders’ accounts also show a lack of conviction for the bullish trend, although the general long/short ratio looks neutral at 0.99.

In conclusion, Dogecoin’s current market data suggests cautious optimism. The 3.5% price increase in the DOGE spot market has not been strong enough to change the bearish sentiment dominating the derivatives market.

However, if positive catalysts emerge from the broader market and encourage buying interest, this concentration of highly leveraged short positions could trigger a significant short squeeze, potentially pushing the Dogecoin price to surge towards $0.25.

DOGE at the Crossroads: Break $0.25 or Plunge to $0.18?

Dogecoin (DOGE) showed a significant recovery by successfully reclaiming a position above the lower Bollinger Band , as well as forming a strong support level above the crucial $0.20 threshold.

Read also: Bitcoin Hits $116K, Holds Firm Despite Trump’s Counter-Tariffs

However, technical indicators suggest that DOGE is currently inside a narrow trading corridor. On the daily chart, the upper Bollinger Band forms a strong resistance level at $0.28, while the midline around $0.23 becomes the first major hurdle for any further upside potential.

To confirm a bullish trend reversal, DOGE should be able to close the daily price above the $0.23 level. The MACD indicator is still showing bearish signals, but is slowly starting to flatten – signaling a chance of a change in momentum direction if the price can stay above $0.205.

If DOGE fails to break the $0.228 level, there is a risk of the price correcting back to the support area around $0.18-which has served as a floor during last week’s consolidation phase.

Conversely, if the price is able to close daily above $0.228, this could be the trigger for a rally to $0.25, especially if a short squeeze occurs due to massive liquidation of short positions.

However, if the price is rejected around $0.22 and followed by high-volume selling pressure, Dogecoin could potentially fall back towards the $0.18 level.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• Coinspeaker. Dogecoin Recovers 3.5% but Derivatives Data Reveals Dominant Bearish Sentiment. Accessed on August 8, 2025