Dogecoin Zooms 12% Higher: What's Going On?

Dogecoin DOGE/USD has jumped 12% in 24 hours, igniting a spike in derivatives activity and drawing attention to critical technical setups pointing to further upside.

What Happened: Crypto chart analyst Ali Martinez noted DOGE has been respecting a long-term support trendline since October 2024.

If it dips to $0.14, it may present a solid buying opportunity ahead of a potential rally to $0.30.

CW highlighted only two notable sell walls left for DOGE, signaling less resistance overhead. World Of Charts pointed to a bullish flag formation, projecting a continuation rally to $0.25.

Maelius observed DOGE holding strong despite a dip below the EMA50.

The price structure appears to be forming a 1-2, 1-2 Elliott Wave, suggesting a powerful wave 3 could be next.

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DOGE also remains supported at the EMA200 and trendline zone. The weekly Wave Trend Oscillator (WTO) crossover adds to the bullish case, implying a local bottom is likely in.

Also Read: Dogecoin Teases ‘Diamond Bottom’ Reversal: Is A Breakout Imminent?

Why It Matters: According to Coinglass, Dogecoin liquidations totaled $9.74 million, with $8.73 million in short liquidations, a sign that many were caught off guard by the surge. Open interest and derivatives trading volume expanded by 17.1% and 75.9%, respectively, in a single day.

Bitinfocharts noted that addresses holding 1 billion to 10 billion increased from 13 to 14 in a month, while those with 100 million to 1 billion jumped from 101 to 105.

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