Dogecoin (DOGE) Price Skyrockets by 14% in a Day, Hits New 2024 High of $0.48

Dogecoin was one of the top trending cryptocurrencies in the last hours. This was largely because of the attention that it garnered courtesy of the latest upside of dogecoin price.

Dogecoin (CRYPTO: DOGE) price soared another 14% on Saturday, making it the memecoin's most bullish day of the week. Dogecoin concluded the week trading at $0.48, which marks its highest price so far in 2024.

Dogecoin open interest soared to a new all-time high on Saturday, which may have contributed to the latest surge in dogecoin price. The crypto's open interest in both the spot and derivatives segments has been on the rise since October.

Dogecoin price performance so far in November saw it rally above $3 billion in open interest. It peaked at $4.53 billion in the last 24 hours at the time of observation, marking a new all-time high.

The surge in open interest also suggests that the cryptocurrency was exposed to potential volatility due to liquidations.

Shorts Liquidation Surge as Price Ticked Higher

Data from Coinglass revealed that short liquidations were on the rise in the last 3 days. Long liquidations demonstrated an inverse outcome since they declined during the same period.

Shorts liquidations peaked at $27.82 million in the last 24 hours. This was more than double the value of long liquidations, which came in at $13.65 million during the same period.

Moreover, November has turned out to be the month with the highest Dogecoin liquidations in the last 6 months. The recent surge in shorts liquidations may be attributed to the price action, which showed dogecoin price rallying higher despite the possibility of a retracement.

Dogecoin Price Action Recap

Dogecoin price rallied by over 14% in the last 24 hours. It soared as high as $0.48, which marks its highest price so far in 2024.

Dogecoin price concluded the week on a bullish note, with Saturday being its most bullish day of the week. It began the day trading at $0.42 and soared to a high of $0.48. At the time of observation, dogecoin price was trading at $0.47, up by 14.02% in the last 24 hours.

The memecoin encountered resistance at $0.48 and slid lower into Sunday morning. It dropped as low as $0.46 before recovering slightly.

Dogecoin price rallied over 231% in November, but could it continue on its current trajectory without a substantial pullback?

Dogecoin price appeared to be forming a bearish divergence on the shorter time frame chart with the RSI. The MFI also showed that liquidity was flowing out of dogecoin price, thus creating a massive trap for short sellers.

The recent push in dogecoin price may be attributed to a short squeeze event, judging by the latest price action. DOGE bears may take over once the leveraged liquidations shakedown is complete. On the other hand, the market has been in an extremely bullish mood, which may discourage many from taking profits.

DOGE has its next major price target at $0.50. It could soon reach that price target judging by its latest upside. The current expectation is that Dogecoin price could soar as high as $1 before the end of the year or in 2025. However, this does not necessarily mean that it is exempt from pullbacks.

Massive pullbacks could be on the cards, especially in December, as investors will likely take some profits for spending during the holidays.