- Dogecoin gains 2.14% to $0.1081 after bouncing 12% from the $0.094 session low, with volume surging 30.73% as traders test the recovery.
- Elon Musk’s “maybe next year” moon comment on X failed to spark a rally, highlighting fading influence of social catalysts on DOGE price action.
- Recovery requires reclaiming $0.1274, while a close below $0.094 opens downside toward the $0.08 demand zone.
Dogecoin price today trades near $0.1081 after recovering from a session low at $0.094, its lowest level since mid-2024. The bounce comes despite Elon Musk reviving the Dogecoin moon narrative on X, a catalyst that would have triggered double-digit rallies in previous cycles but now barely registers as the meme coin remains trapped in a descending channel.
Elon Musk reignited speculation about sending a physical Dogecoin to the moon on February 3, replying “maybe next year” to a reference about the long-delayed DOGE-1 mission. The comment referenced his widely publicized 2021 pledge to put a literal Dogecoin on the literal moon.
In 2021, such a comment would have triggered a multi-day rally. This time, DOGE continued sliding after the post, highlighting how the Musk narrative has lost its power to move markets. The meme coin is down over 60% from its September highs despite consistent engagement from its most prominent advocate.
Open Interest Drops As Leverage Clears
DOGE Derivatives Data (Source: Coinglass)Open interest dropped 6.49% to $1.18 billion as the recent selloff flushed leveraged positions. Volume surged 30.73% to $3.45 billion, showing increased trading activity around the $0.094 bounce.
The long/short ratio sits at 1.0, perfectly balanced after the recent liquidations cleared directional bias. On Binance, top trader positioning shows a long/short ratio of 3.10 by accounts, indicating some traders are positioning for a recovery from oversold conditions.
Over the past 24 hours, $6.32 million in positions were liquidated, with $4.38 million from longs and $1.94 million from shorts. The 2.2x imbalance shows longs continue to be caught offside as the downtrend persists, though liquidation volume has moderated from last week’s cascade.
Descending Channel Defines Macro Structure
DOGE Price Dynamics (Source: TradingView)On the daily chart, Dogecoin trades within a well-defined descending channel that has contained price action since September 2025. The channel resistance runs through $0.20, while support sits near $0.08.
The Supertrend indicator remains bearish at $0.1274, marking the first resistance level bulls need to reclaim. The Parabolic SAR flipped bullish at $0.0945, providing immediate support for the current bounce.
Price tested the channel midline during the recent crash, finding support near $0.094. The bounce to $0.108 represents a 12% recovery but remains well within the bearish channel structure. Bulls need a break above $0.127 to signal any meaningful shift in momentum.
Short Term Triangle Forms As Market Digests Crash
DOGE Price Action (Source: TradingView)On the 30-minute chart, Dogecoin has formed a symmetrical triangle pattern as price consolidates after the crash. The pattern shows converging trendlines with resistance near $0.110 and support near $0.106.
RSI sits at 53.34, neutral territory that provides room for movement in either direction. MACD has turned positive with expanding histogram bars, suggesting short-term momentum favors the bulls.
A break above $0.110 triangle resistance would target the $0.115 zone where the descending trendline from January 31 sits. A break below $0.106 would signal triangle failure and potential retest of the $0.094 low.
Outlook: Will Dogecoin Go Up?
The trend remains bearish while price trades within the descending channel, but the bounce from $0.094 shows some buying interest at lower levels.
- Bullish case: A daily close above $0.1274 would reclaim the Supertrend and signal a potential trend shift. That move requires either a new narrative catalyst or a sustained improvement in broader crypto sentiment.
- Bearish case: A close below $0.094 would break the Parabolic SAR support and target the channel floor near $0.08. With Musk’s influence fading and no fresh catalysts in sight, that scenario remains probable.
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Source: https://coinedition.com/dogecoin-price-prediction-musk-moon-comment-falls-flat-as-doge-struggles-to-hold-0-10/
