Dogecoin is one of the leading cryptocurrencies in recent hours. This is largely due to the attention it has garnered from the latest surge in dogecoin's price.
The Dogecoin trend status highlights strong demand for cryptocurrencies in both spot and derivative segments. The latest market data shows that recent interest in DOGE has surged to its highest price in history.
The interest rate for Dogecoin has increased since October. However, the performance of Dogecoin in November has seen it increase by over 3 billion dollars in November. It reached a peak of 4.53 billion dollars in the past 24 hours at the time of observation, marking a new all-time high.
The sudden increase in open interest rates also indicates that cryptocurrencies are facing the risk of liquidation volatility.
Liquidation orders for short selling surged as prices rose higher
Coinglass liquidation data shows that short liquidation has increased in the past 3 days. Long liquidation, on the other hand, shows the opposite result as they decreased during the same period.
Short selling reached a peak of $27.82 million in the past 24 hours. This figure is more than double the buyback value of $13.65 million in the same period.
In addition, November has become the month with the highest Dogecoin liquidation volume in the past 6 months. The recent surge in short selling is not a coincidence. Considering the price movement of Dogecoin, the reason will be evident.
Summary of Dogecoin price action
Dogecoin has increased by over 14% in the past 24 hours, ending the week with Saturday being the highest price increase day of the week. It surged to $0.48, marking the highest price level so far in 2024.
The latest price increase means that the price of dogecoin has risen by more than 231% as of November. But can it continue on its current trajectory without significant pullback?
The price increase occurred just a few days after the memecoin showed some consolidation from the previous price hike that peaked on November 12. This led to an increase in the number of short-selling orders as many derivative traders predicted a retreat.
In addition, the price appears to have formed a bearish divergence with the RSI. The MFI also indicates that liquidity is flowing out of Dogecoin, thus creating a significant trap for short sellers.
The recent price surge explains the recent increase in short liquidation events. Therefore, Dogecoin's impressive 24-hour surge may be the result of a short squeeze event.
There is a possibility that the DOGE selling side will take over after the leverage liquidation is completed. On the other hand, the market is extremely optimistic, which may make many people unwilling to take profits.
DOGE has the next big price target of $0.50. It could soon reach that price target based on its latest surge. The current expectation is that Dogecoin's price could skyrocket to $1 before the end of the year or in 2025. However, this does not necessarily mean it won't experience a pullback.
There may be a significant retreat, especially in December. The main reason is that investors may profit from holiday spending.
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Interest Rate Reaches New ATH at $3.77 Billion as Dogecoin Price Surges Higher
Dogecoin is one of the leading cryptocurrencies in recent hours. This is largely due to the attention it has garnered from the latest surge in dogecoin's price. The Dogecoin trend status highlights strong demand for cryptocurrencies in both spot and derivative segments. The latest market data shows that recent interest in DOGE has surged to its highest price in history. The interest rate for Dogecoin has increased since October. However, the performance of Dogecoin in November has seen it increase by over 3 billion dollars in November. It reached a peak of 4.53 billion dollars in the past 24 hours at the time of observation, marking a new all-time high.
The sudden increase in open interest rates also indicates that cryptocurrencies are facing the risk of liquidation volatility. Liquidation orders for short selling surged as prices rose higher Coinglass liquidation data shows that short liquidation has increased in the past 3 days. Long liquidation, on the other hand, shows the opposite result as they decreased during the same period. Short selling reached a peak of $27.82 million in the past 24 hours. This figure is more than double the buyback value of $13.65 million in the same period.
In addition, November has become the month with the highest Dogecoin liquidation volume in the past 6 months. The recent surge in short selling is not a coincidence. Considering the price movement of Dogecoin, the reason will be evident. Summary of Dogecoin price action Dogecoin has increased by over 14% in the past 24 hours, ending the week with Saturday being the highest price increase day of the week. It surged to $0.48, marking the highest price level so far in 2024. The latest price increase means that the price of dogecoin has risen by more than 231% as of November. But can it continue on its current trajectory without significant pullback?
The price increase occurred just a few days after the memecoin showed some consolidation from the previous price hike that peaked on November 12. This led to an increase in the number of short-selling orders as many derivative traders predicted a retreat. In addition, the price appears to have formed a bearish divergence with the RSI. The MFI also indicates that liquidity is flowing out of Dogecoin, thus creating a significant trap for short sellers. The recent price surge explains the recent increase in short liquidation events. Therefore, Dogecoin's impressive 24-hour surge may be the result of a short squeeze event. There is a possibility that the DOGE selling side will take over after the leverage liquidation is completed. On the other hand, the market is extremely optimistic, which may make many people unwilling to take profits. DOGE has the next big price target of $0.50. It could soon reach that price target based on its latest surge. The current expectation is that Dogecoin's price could skyrocket to $1 before the end of the year or in 2025. However, this does not necessarily mean it won't experience a pullback. There may be a significant retreat, especially in December. The main reason is that investors may profit from holiday spending.