- Dogecoin has surged 8% in the past 24 hours.
- Indicators are pointing to a possible reversal at the key level of $0.1145.
Dogecoin [DOGE] Over the past four weeks, DOGE has experienced wild volatility. Amidst volatility across the cryptocurrency market, DOGE has also been caught up in price fluctuations, leaving investors concerned about its future.
The price of DOGE has fallen 32% in the past two weeks, with the descending trend line indicating a bearish market.
However, recent price movements suggest a bullish reversal is possible as the price has surged 8% in the past 24 hours.
Dogecoin was trading at an average price of $0.1247 at the time of writing, with a 24-hour trading volume of approximately $851.62 million and a market capitalization of $18.03 billion.
Source: TradingView
The Stochastic RSI is indicating an oversold zone, which could precede a bullish reversal. However, the Moving Average Convergence Divergence indicator is showing that the bearish momentum is weakening as the recent bearish bars have weakened over time.
Will social volume and development activities drive the reversal?
Santiment data showed a surge in social volume and development activity for DOGE.
This surge suggests that interest in the Dogecoin community is growing. The surge in development activity could be a sign of continued improvements related to DOGE, which could attract more investors.
Source: Santiment
Liquidation and Short Squeeze
According to liquidation map data from Coinglass, DOGE has seen several spikes in both long and short liquidations, suggesting extreme volatility and a potential short squeeze.
This scenario could lead to a sudden price surge, as seen in the recent surge in DOGE.
Source: Coingalss
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Moreover, the long-short ratio data shows a positive trend, indicating that investors with long positions dominate the market.
Buying pressure at this critical level could strengthen bullish pressure on Dogecoin and send the price soaring.
Source: Coinglass
