Dogecoin, a popular memecoin, has experienced more than a 3% increase over the past day, resulting in significant liquidations of short positions.
Dogecoin Growth and Short Liquidations
Dogecoin rose over 3% in the last 24 hours, triggering liquidations of short positions amounting to $5.24 million, while long positions saw $2.80 million in liquidations. This indicates a significant liquidation imbalance, particularly among traders betting against the price of the memecoin.
Technical Indicators Show Bullish Momentum
Technical indicators such as MACD and RSI are showing signs of building bullish momentum. The MACD is at 0.01338, close to the signal line at 0.01360, suggesting a potential shift in momentum towards buyers. The RSI stands at 59.79, indicating room for further price increases.
Analysts Watch for Key Levels
Some analysts note that if Dogecoin can break above $0.239, it could pave the way toward $0.265. A potential bullish flag pattern has also been observed, indicating a target price of around $0.30 if the upper boundary is breached.
With the recent price increase of Dogecoin and mounting pressure on short positions, the market sentiment is beginning to shift towards buyers.
