Dogecoin (DOGE) is experiencing a potential price surge as short liquidations have triggered a recovery in the market. In the past 24 hours, the price of DOGE has risen by 11%, reaching $0.163. This increase has led to short traders losing nearly $7 million, which historically has been followed by a rise in price. The optimism is further supported by the Global In/Out of the Money (GIOM) indicator, which indicates that approximately 7.87 billion DOGE were bought between $0.16 and $0.18, potentially resulting in $1.28 billion worth of profits. For DOGE to continue its bullish trend, it must breach the $0.16 resistance level. If successful, a rally of 22% could be expected. However, failure to break through this level could lead to a fallback and a potential decline in price.
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Dogecoin (DOGE) Price Primed for Gains as Short Liquidations Trigger Recovery
