Dogecoin Price Prediction Turns Bullish as Cryptocurrency Sees Fresh Strength

Dogecoin (DOGE) has been showing fresh strength lately, but whether this recent bounce will turn into a bigger move depends on how price behaves at current levels. The cryptocurrency is trading around $0.087 after a sharp increase in the past day.

According to data from Coingecko, DOGE's market cap is over $13 billion, with a 24-hour trading volume of $625 million. However, despite its growing popularity, the coin has faced significant liquidations in the past 24 hours, with about $4.26 million in DOGE positions getting wiped out.

The majority of these liquidations were long positions, accounting for $2.85 million of that total. Shorts made up $1.41 million of the liquidated positions. On the other hand, short positions actually took a bigger hit in the last 12 hours, with $1.37 million against just $174,110 in long liquidations.

Looking at exchange trading volume, Binance leads DOGE futures volume at $484.37 million, followed by OKX at $311.44 million and Bybit at $127.52 million. WhiteBIT and MEXC round out the next tier with $114.01 million and $76.54 million, respectively.

The Dogecoin community has been vocal about its expectations for the coin's price. One widely shared post joked that DOGE hitting one dollar is closer than people think. Another post pointed to on-chain data showing whales added roughly 1.7 billion DOGE during the recent dip, worth close to $153 million at current prices.

A technical breakdown of the 4-hour chart flagged that DOGE is retesting a key structure level after reclaiming ground. This has sparked debate among traders about whether this will lead to further gains or a pullback. As per Coingabbar Market Research Analyst, anyone following Dogecoin price prediction discussions right now should treat this as a level-to-level market rather than a straight line up or down.