$DOGE
Elon Musk Rumors to Buy Liverpool FC: Is DOGE Ready to Rise?
After falling 20% in four days, Dogecoin found support around $0.32 on Thursday.
DOGE derivative market data reveals early comeback indications as traders respond to Elon Musk's suspected interest in buying Liverpool FC.
DOGE Open Interest stayed over $3.4 billion despite the $500 million crypto market liquidations on Wednesday.
After a 20% drop in four days, Dogecoin steadied at $0.32 on Thursday. Market sources say Elon Musk's reported Liverpool FC acquisition might boost DOGE market sentiment.
DOGE finds support around $0.32 after 20% losses in a week.
Dogecoin stabilized at $0.32 on Thursday after a 20% drop in four days.
DOGE pricing avoided a fall below $0.32 as bears extended weekly losses to 20% on Thursday.
DOGE's uncommon durability around $0.32 implies investors are protecting this critical price zone.
The rumor of Elon Musk buying Liverpool FC is boosting Dogecoin market sentiment.
Musk's business activities and statements have fueled customer interest in Dogecoin, affecting its price.
Even with market decline, Dogecoin traders retain $3.4B Open Interest. Price stability at $0.34 indicates that most traders are still holding their holdings.
The data above illustrates that Dogecoin price plummeted 20% between January 5 and January 9, yet open interest only reduced 16%, from $4.07 billion to $3.4 billion at publishing.
First, the slower decrease in Open Interest shows many traders are hanging onto their holdings for a comeback.
Second, leveraged traders are active, which might lead to a short squeeze if bullish momentum resumes.
Short Squeeze Could Break $0.40 Dogecoin Price
Dogecoin prices hit $0.318.
The data shows that Dogecoin has fallen over 20% in four days but remains above the 200-day DMA at $0.284.
The shrinking Volume Delta, -$271 million, suggests a comeback as selling pressure has decreased.
Bullish Dogecoin might break over the 50-day DMA at $0.378, suggesting a comeback toward $0.40 resistance.$SOL $XRP
