Dogecoin 'Shorts' Helped DOGE Rally 21%
Dogecoin had been trading within a descending channel since the end of April. Throughout May, it kept oscillating within the setup. Nevertheless, in June, it attempted to break above. Even though a handful of candles were registered outside the channel, DOGE couldn’t sustain there for long and re-entered the bearish set-up. After spending around ten days in it, DOGE successfully flipped the upper trendline as support. Evidently, that set up the stage for the 21% pump that followed. In effect, the meme asset went on to breach $0.07280, a level previously seen exactly a month back. DOGE/USDT by TradingView Also Read: Shiba Inu: Can the Moon Guide SHIB to $0.00001? What instigated Dogecoin’s pump? Usually, bullish traders help an asset’s price ascent. However, in Dogecoin ’s case this time, the opposite has happened. A recent Analysis by Santiment pointed out that the DOGE market has been witnessing “aggressive shorting.” In fact, the ...