Dogecoin (DOGE), the king of the meme coins, has rallied by 11% in the past week, resulting in the erasing of one zero from the price outlook. Dogecoin outperformed the broader market, which only managed a 3.36% increase within the same time frame.
Short liquidations and whale activity fuel DOGE rally
CoinMarketCap data shows that Dogecoin climbed from a low of $0.09467 to a peak of $0.1023 as the meme coin reclaimed the $0.10 level. The movement was triggered by short liquidations, which forced bearish traders to buy back the meme coin.
Additionally, the high concentration of bullish traders, a surge in on-chain activities and increased whale engagement were catalysts for the uptick. DOGE whales increased their purchases in the last 72-96 hours, adding to the buying pressure.
At the same time, Bitcoin — to which Dogecoin is coupled — also soared in value. The leading digital asset climbed by over 3.28% to regain the $73,000 price zone. This positive effect favored altcoins, including DOGE.
As of this writing, Dogecoin is trading at $0.1017, up 6.29% in the last 24 hours. This bullish rally has seen trading volume surge 100.12% to $1.51 billion over the same period.
The figures suggest increased engagement from market participants and investors alike seeking to profit from the ongoing bullish rally.
Dogecoin’s key resistance at $0.105 could decide next move
Market watchers are closely monitoring the $0.105 resistance level, as it remains a key test for the meme coin. If DOE is able to breach it, it could extend its bullish run to between $0.110 and $0.120.
The rebound teased by the golden cross set up within the last eight days has now been confirmed, and a lot now depends on holders. If volume, especially derivatives-based volume, continues to surge or remain high, Dogecoin is likely to maintain the current upward trajectory.
Meanwhile, capital direction on the broader crypto market might impact its long-term outlook in its rebound journey.
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