Dogecoin Surges 7.11% in 24 Hours, Market Cap Hits $27.33 Billion

Dogecoin's price has surged by 7.11% in the last 24 hours, reaching $0.1840. This significant increase has boosted its market capitalization to $27.33 billion, reflecting a 7.12% rise. The surge in trading volume, which has increased by over 103.89%, indicates a heightened interest from traders.

Technical indicators suggest a bullish trend for Dogecoin. The Relative Strength Index (RSI) is at 47.60, indicating a neutral territory but with rising prices, suggesting increasing buying momentum. The Moving Average Convergence Divergence (MACD) shows a bullish crossover, with the MACD reading at 0.00413 and the signal line at -0.01316, further supporting the upward trajectory if buying pressure remains consistent.

Key liquidation levels are also crucial for Dogecoin's price movement. Short liquidation is at $0.18433, while long liquidation is at $0.17069. Currently, Dogecoin is trading just below the short liquidation level. If the price breaks above $0.18433, it could trigger a short liquidation-driven momentum, pushing the price higher as traders who bet against Dogecoin would need to buy back the asset. Conversely, if the price falls below $0.17069, it could initiate long liquidation-driven selling, potentially pushing the price down.

Analysts highlight a breakout from a triangle pattern, suggesting a potential 16% price increase. The current price is $0.18305, up 4.48%, with a target near $0.19500. This technical analysis, combined with the bullish indicators and liquidation levels, suggests that Dogecoin's rally could continue if buying pressure remains strong. However, traders should monitor these levels closely as they serve as tipping points for potential down- and uptrends.