Dogecoin (DOGE) Price Surge Continues With a 2.24% Intraday Rally, Reaching the $0.2096 Mark. The Bullish Trend in Dogecoin Targets $0.31 as Short Liquidations Cross $6 Million in the Last 24 Hours. If the Bull Run Continues, a 2% Additional Move Risks Sh

Dogecoin (DOGE) price surge continues with a 2.24% intraday rally, reaching the $0.2096 mark. The bullish trend in Dogecoin targets $0.31 as short liquidations cross $6 million in the last 24 hours.

Dogecoin price today continues its impressive run with a 2.24% rise in the 24-hour period to trade at $0.2096 at the time of writing. As the bullish trend shows no signs of slowing down, short liquidations in the last 24 hours have hit $6 million. If the present bull run continues with an additional 2%, it could see $31.85 million in bearish positions get liquidated.

If the bulls manage to push Dogecoin price above the $0.20 supply zone, it could continue its rally towards the $0.31 resistance. A breakout of this level would add another 55% to the estimated Rounding Bottom Pattern from its depth to the neckline breakout point.

Dogecoin price is now testing the 38.2% Fibonacci retracement level from the 75% decline that started in December 2024, when the cryptocurrency was trading at $0.4846, to the April 7 low of $0.1298. A 50% retracement from this move will reach $0.3040.

After months of trading in a bearish territory, the Supertrend Indicator has finally flipped to signal a breakout from the $0.1863 level, indicating a prevailing uptrend. Moreover, the MACD and its signal line are now seen aligning in the positive quadrant after a few minor crossovers due to price oscillations.

However, if the price of DOGE falls below the key $0.20 psychological level, it could undermine the bullish outlook and st stall the potential for a continuation of the rally towards the $0.31 target. A breakdown below $0.20 might open the door for a slide towards the next bearish support at $0.1411.

As the price of Dogecoin soars, so does the activity in the derivatives market. Open Interest (OI) has seen a nearly 10% surge in the last 24 hours to reach $2.29 billion. This marks a significant recovery of the recent losses during the recent tariff-driven downfall and showcases the heightened activity from traders.

Furthermore, the OI weighted funding rate at 0.0106% is at a 30-day high and has remained in the positive territory since early April, showcasing a strong bullish intent from Dogecoin traders.

With Dogecoin now trading above the $0.20 level, the potential for increased short liquidations looms large. According to data from Coinglass, a 2% price move from the current level to $0.2135 could trigger a massive liquidation of $31.85 million in short positions.

This huge liquidation could propel the DOGE price even higher, setting the stage for a possible short-squeeze scenario. As bulls capitalize on the sustained momentum, it remains to be seen how far the Dogecoin price will surge.