Dogecoin (DOGE) price is up by 2% today, June 8, to trade at $0.086 at the time of writing. DOGE had also registered more trading volumes than XRP on the OKX exchange as interest from traders rises ahead of the SpaceX IPO on June 12 that is expected to increase buying pressure towards the meme coin.
Dogecoin’s rise from $0.077 to $0.086 between June 6 and June 8 has seen the price defend the support level of $0.081 that has held since February 2024.
Dogecoin Records Higher Trading Volumes Than XRP
Data from CoinMarketCap shows that the DOGE/USDT pair had trading volumes of $38 million on OKX on June 8, while the XRP/USDT pair had $30 million.
Dogecoin’s $38 million was 5% of all the volumes that were traded on OKX on June 8, while XRP’s share stood at 1.58%.
The DOGE/USDT pair on OKX ranked as the eighth-most traded one, while the XRP/USDT pair ranked at position 13. DOGE/USDT even had more volumes than trending cryptos like Zcash (ZEC), whose USDT pair was in position 13 on OXX, with $28 million in volumes.
These volumes suggest increased interest towards Dogecoin by traders who might be pricing in a price increase occurring this week because of the June 12 SpaceX IPO.
Whales might be one of the cohorts driving volumes and building the anticipation that Dogecoin price might rise because they bought more than 200 million tokens between June 4 and June 8 per analyst Ali Martinez.
Dogecoin Price Defends Multi-Year Support as Selling Eases
Dogecoin’s weekly chart shows that there is support at $0.081 that was first formed in February 2024, and bulls have been defending it for the last 28 months. DOGE has bounced three times from this support of $0.081 since February 2024.
Zooming in on this weekly chart also shows that $0.081 is not only support, but also the base of a descending triangle pattern that appears when the price is about to drop for a prolonged period.
But this may not be the case for Dogecoin because holding this support at $0.081 invalidated the 72% drop that would have happened if it went below it.
As long as this support holds, DOGE may avoid crashing to the next immediate buffer of $0.06 seen in a recent CoinGape Dogecoin price analysis.
If Dogecoin continues to rise like it has done in the last three straight days, it faces an obstacle at $0.11. Moving above $0.11 will make the descending triangle invalid, and that paves the way for a bullish long-term Dogecoin price outlook.
But the RSI reading of 35 is still concerning because it shows the momentum remains in the favor of bulls.
Zooming in, however, shows that the RSI line paused its journey south at 35, giving the price some breathing room that buyers might leverage to regain control and support an upward trend.
Nearly $300M Shorts Face Liquidation if DOGE Hits $0.10
Short-sellers seem to bet that Dogecoin will not move past the psychological resistance of $0.10 because Coinglass data shows $296 million of their positions facing liquidation if the price gets here.
This liquidation map not only sounds an alarm bell to shorts facing liquidation at $0.10, but it also shows there is an imbalance from $69 million in long liquidations for six straight days.
The current state of the Dogecoin market is that there are more shorts than longs at risk, which makes the rise to the psychological resistance of $0.10 more likely to occur now that volumes are also rising.
