Dogecoin jumped 12% on September 21 to trade at $0.095, making it the biggest gainer among the top 20 cryptocurrencies by market cap. Whale addresses opened $5.59 million in long positions as the token broke above its 200-day EMA, while a separate technical reading points to the coin's longer-term bottom already being in.
Whales Open Long Positions as Shorts Get Squeezed
Four whale addresses opened long positions on Dogecoin worth 78.2 million DOGE, equivalent to $5.59 million, according to data from CoinGlass. Each position sits in profit as the rally extends, while the only short position opened in the past day carries an unrealized loss of $119,000.
The long/short ratio on Binance and OKX has climbed to 2.30 and 2.65, respectively, showing more long accounts than short accounts on both exchanges. The buildup comes amid a wave of short liquidations across crypto, with Dogecoin recording $5.66 million in short liquidations on September 21 — its biggest short squeeze since August 22.
Open Interest Hits a One-Month High
Dogecoin's open interest has risen to $1.57 billion, the highest reading since August 22, according to CoinGlass data. Binance alone accounts for the biggest share of that increase, with its Dogecoin open interest climbing to $345 million — a level not topped since May 2026.
Dogecoin is trading within a double-bottom pattern on the daily chart and has moved above resistance at $0.090, a move that could open the door to the pattern's $0.102 target. The price has also pushed above its 200-day EMA of $0.092, and the MACD line has crossed above its signal line, both supporting the bullish case toward the $0.10 mark. A drop back to retest the 200-day EMA as support could send the meme coin toward its 50-day EMA of $0.082 before another bullish leg.
A Longer-Term Bottom May Already Be In
Dogecoin remains 41% down from its 2026 high of $0.156, reached in January before bear-market pressure pushed it lower. A crypto researcher has claimed a Dogecoin season is starting, pointing to the 10-day RSI recovering from its lowest-ever readings after the coin fell to a low of $0.067 and rebounded toward its recent swing point.
A rising channel that has acted as a support zone since 2021 has been retested in recent weeks and respected so far. On the derivatives side, the cluster of short liquidations around $0.092 has been cleared, so Dogecoin may consolidate briefly before continuing higher, though a deep pullback below $0.08 still appeared unlikely.
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