Dogecoin Jumps 19% In Christmas Week Rally: What Is Going On?

Dogecoin's DOGE/USD impressive performance over the past week has sparked bullish sentiment among traders, with some expecting a continuation of its upward trend.

Trader Notes: Ali Martinez, a crypto chart analyst, flagged a “buy signal” on Dogecoin's 4-hour chart, anticipating a price rebound.

Similarly, Trader Tardigrade pointed to a “Spinning Top” candlestick pattern on the DOGE weekly chart, typically signaling a potential bottom. Coupled with RSI levels approaching support, these factors suggest Dogecoin may be gearing up for another rally.

Statistics: Martinez also highlighted significant whale activity, with over 90 million DOGE purchased in the past 48 hours. This level of accumulation often indicates expectations of a price rebound or a major market development.

Data from Coinglass reveals $6.7 million in DOGE liquidations over the last 24 hours, including $4.7 million in long positions. The sustained open interest of $2 billion—despite recent declines—reflects growing optimism around Dogecoin's future price trajectory.

Read Next: 

• Dogecoin Price Down 4%: What Is Going On?

Image: Shutterstock