Dogecoin (DOGE) Eyes $0.10 Breakout as $296M in Short Positions Face Squeeze

Key Highlights

• Dogecoin has climbed 2% to reach $0.086, overtaking XRP in OKX trading volume with $38M compared to XRP’s $30M.
• Large-scale investors acquired more than 200 million DOGE tokens during the June 4–8 period, per analyst Ali Martinez.
• A crucial support zone at $0.081 has remained intact for 28 months; breaking below could trigger a decline to $0.058.
• Approximately $296 million worth of short positions are at risk of forced liquidation should DOGE hit $0.10.
• Martinez presents two potential paths: a recovery toward higher price targets or a 32% decline to $0.058.

Dogecoin has registered a 2% increase over the past 24 hours, currently trading at $0.086 as of June 8, 2026. This upward movement follows a weekend dip to a multi-year bottom of $0.077, from which the cryptocurrency has since recovered.

Crypto analyst Ali Martinez shared technical analysis on X, highlighting that over 30 billion DOGE tokens last changed hands at the $0.081 price point. He characterized this as “a massive historical cluster of spot exposure, creating strong psychological and financial support.” According to Martinez, this substantial concentration of activity makes it challenging for bearish forces to drive prices below this threshold.

Blockchain analytics reveal that large holders have been actively buying, with purchases exceeding 200 million tokens throughout the June 4–8 timeframe. Growing trader participation is also evident in spot market activity.

Data from OKX exchange shows the DOGE/USDT trading pair generated $38 million in volume on June 8. This performance placed DOGE ahead of XRP, which recorded $30 million in the same period. DOGE accounted for 5% of total OKX trading volume that day, securing the eighth position among all trading pairs, whereas XRP ranked 13th with a 1.58% market share.

A portion of this heightened trading activity may be connected to speculation surrounding the SpaceX IPO slated for June 12, an event that traders have traditionally linked to increased buying interest in Dogecoin due to Elon Musk’s association with both entities.

Analyst Ali Martinez Outlines Two Potential Paths

Martinez described DOGE as being positioned at a “critical structural inflection point.” His technical analysis identifies a five-year parallel channel formation, with $0.081 representing the lower mid-range boundary and $0.058 marking the absolute channel bottom.

In his first projection, the $0.081 support zone remains intact, selling pressure gets absorbed, and DOGE gradually advances toward upper channel objectives. In the alternative scenario, deteriorating macroeconomic factors could lead to a weekly candle close beneath $0.081, triggering a retracement toward $0.058 — representing an additional 32% downside.

The weekly chart’s RSI currently stands at 35, indicating continued momentum weakness. Nevertheless, the indicator has stabilized at this threshold, potentially providing an opportunity for buyers to enter the market.

$0.10 Level Could Trigger Major Short Squeeze

Liquidation data from Coinglass indicates that $296 million in short positions would face forced closure if DOGE climbs to $0.10. This price point represents a significant psychological resistance barrier.

The liquidation heatmap reveals a notable asymmetry, with substantially more short exposure than long exposure across the current trading range. This configuration increases the probability of a move toward $0.10 as trading volumes expand.

The $0.081 support threshold has remained unbroken since February 2024, with DOGE rebounding from this level on three separate occasions during that period. A decisive break above $0.11 would negate the descending triangle formation visible on the weekly timeframe and establish a more optimistic long-term trajectory.

As of June 9, 2026, DOGE is exchanging hands at $0.086, with $0.10 emerging as the next significant upside target while $0.081 continues serving as the essential support level to monitor.

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