TLDR
- Dogecoin (DOGE) price surged 11.34% in 24 hours, reaching $0.2359 with trading volume up 165.15%
- Short traders faced $700,590 in liquidations as DOGE created an 875% liquidation imbalance
- DOGE formed a double bottom pattern near $0.21, showing resilience at key support levels
- The meme coin faces crucial resistance at $0.255, with potential for 20% rally if broken
- Whale activity increased with 400 million DOGE purchases worth $90.79 million during recent price dips
Dogecoin has posted strong gains over the past 24 hours, climbing 11.34% to trade at $0.2359. The meme coin’s price movement caught many bearish traders off guard, creating a massive liquidation imbalance.
Short position holders faced $700,590 in liquidations as DOGE pushed higher. This created an 875% liquidation imbalance within just one hour, showing the intensity of the price movement.
The trading volume surge tells the story of increased investor interest. DOGE’s 24-hour volume spiked 165.15% to $5.42 billion, indicating strong participation in the rally.
DOGE reached an intraday high of $0.2417 before pulling back slightly. The price action shows buyers stepping in at key levels to support the upward move.
Long position traders also faced some pressure, with $71,880 in liquidations. However, this amount was much smaller compared to the short squeeze that dominated the session.
DOGE Price
Technical Patterns Point to Strength
The recent price action has formed a double bottom pattern near the $0.21 level. This technical formation often signals a potential reversal in the downward trend.
DOGE has shown resilience by holding above key support zones. The meme coin tested the $0.255 resistance level twice in recent weeks but faced rejection both times.
Traders are watching this resistance level closely. A break above $0.255 could trigger further upside momentum toward the $0.27-$0.28 range.
The double bottom pattern becomes more meaningful given its location at a historically important support zone. This suggests that selling pressure may be weakening at these levels.
Whale Activity Supports Price Action
Large holders have been active in the DOGE market over recent days. Whales purchased 400 million DOGE tokens worth over $90.79 million during the recent price decline.
This whale accumulation occurred over a 10-day period and may be contributing to the current price stability. Large holder activity often precedes major price movements in cryptocurrency markets.
The correlation between DOGE and Bitcoin has also supported the recent rally. Bitcoin’s stability above $115,000 has provided a favorable backdrop for altcoin movements.
Market dynamics have shifted toward riskier assets as recovery momentum builds. This rotation has benefited meme coins like DOGE in the current environment.
Popular on-chain analyst Ali Martinez had predicted a potential 40% price increase for DOGE less than 96 hours ago. If this prediction materializes, the token could reach $0.30.
Current price action at $0.2336 shows DOGE maintaining its position above the double bottom formation at $0.21.
