Dogecoin (DOGE) has seen a strong upward trajectory, gaining 48% in the past 24 hours and sparking renewed discussions about potentially reaching $1. The cryptocurrency hit $0.41 on Tuesday, the highest since May 2021, when it peaked just above $0.70. Over the past week, DOGE has returned over 103% to investors and nearly tripled in value over the last 30 days.
Data from Coinglass reveals over $131 million in liquidations for DOGE, the most substantial this year, as open interest approaches the record high set in April. The recent surge has been driven largely by positive sentiment around Elon Musk’s influence in the crypto market.
DOGE recently broke the $0.25 resistance, but sellers firmly defended the $0.44 level, leading to a pullback. Currently, DOGE is trading at $0.39, up 1.6% in the last 24 hours. The candlestick wick on November 11 indicates bears are trying to halt the rally near $0.44. If buyers hold strong, DOGE could continue its climb towards $0.4. A key support level is at $0.34, with a possible correction down to $0.32 or even $0.25 if buyers falter. Defending these levels will be essential for sustaining upward momentum.#TrumpNominatesMuskDOGE #DogeStrong $DOGE #CPIUpdateOctober
