Dogecoin Bulls Eye Key Level as Market Trends Remain Mixed

Market trends for Dogecoin [DOGE] have been mixed lately, with established memecoins showing relatively calm activity. However, despite this weakness, DOGE has managed to hold above $0.11 and even extended its reach above this level.

According to CryptoQuant's Spot Average Order size data, both whale and retail activity across the market have fallen below expectations. However, DOGE buyers have slowly and sustainably returned across the board, indicating a shift in market behavior.

In fact, the memecoin's Spot Netflows dropped to -$7.04 million, a clear sign of aggressive spot accumulation. This is supported by data from Coinglass, which shows that $102.7 million in DOGE flowed out of exchanges over the last 24 hours, compared to $95.6 million in inflows.

Furthermore, the Derivatives market has also seen a surge in demand, with high liquidations of short positions and an increase in Futures Netflows by 128% to $31.4 million. This confirms greater participation in Futures and suggests that sustained demand can extensively boost DOGE's upside on the charts.

Traditionally, an extended period of bullish dominance has preceded strong market uptrends. With DOGE's bulls dominating the market since mid-April, when it reclaimed the $0.09-level, a successful retest of the 200-day EMA at $0.12 could open the door to a clear path towards $0.15.