⭐⭐Dogecoin (DOGE) watch out for this level: Will the rise continue? ⭐⭐
Can Dogecoin (DOGE), which has attracted attention with its recent rise, start a new bull run?
Dogecoin has started to gain momentum by exceeding the $ 0.40 level after a long consolidation period. It gained momentum with the impact of SEC Chairman Gary Gensler's departure from office and Elon Musk's relations with the government. Investors predict that DOGE may pass $ 0.653 and head towards $ 1.25 with the increasing upward trend.
This latest rise in Dogecoin, Gensler's harsh control policies towards the cryptocurrency market had created uncertainty in the sector. Gensler's departure from office was welcomed by investors as a relief, and after this development, the global crypto market value reached a new peak by reaching $ 3.25 trillion. Long positions on Dogecoin have increased rapidly. According to leveraged trading data, long positions worth $355.5 million were opened, which was $193 million more than short positions. It shows confidence that DOGE's price will continue to rise. With long positions becoming dominant, there may also be a risk of a short squeeze (large liquidations in short positions) as short positions are closed, which could lead to a faster increase in DOGE's price.
Can Dogecoin Hit $1.25?
Dogecoin is showing signs of bullishness on its chart. DOGE is currently holding strong support above $0.40. Bollinger Bands are indicating increasing volatility, which suggests that the price could make a significant move soon. If Dogecoin breaks $0.45, the next target could be $0.653.
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