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Dogecoin Rally To $0.35 Could Trigger Massive Short Squeeze

SCRYPTO MAGAZINE by SCRYPTO MAGAZINE
January 28, 2025
in Dogecoin
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Dogecoin Rally To $0.35 Could Trigger Massive Short Squeeze
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Dogecoin (DOGE) might be on the cusp of a major worth transfer which may ignite a strong brief squeeze, in keeping with analyst Ali Martinez (@ali_charts). He pointed out on January 27, through X, that “$766.45 million briefly positions will probably be liquidated if Dogecoin DOGE rebounds to $0.35,” implying that bearish merchants stand on precariously skinny ice.

Huge Dogecoin Quick Squeeze Incoming?

A take a look at the up-to-date liquidation heatmap from Coinglass reveals hefty brief positions clustered between roughly $0.339755 and $0.34368. Coinglass information reveals $464.8 million at $0.339755, $534.79 million at $0.34054, $503.97 million at $0.341325, $433.04 million at $0.34211, and $325.29 million at $0.34368, bringing the full to round $2.26 billion in potential pressured liquidations.

DOGE Liquidation Heatmap
DOGE Liquidation Heatmap | Supply: Coinglass

That determine underscores the magnitude of a potential short squeeze ought to DOGE climb above that tight vary. Coinglass describes its heatmap as a approach “to foretell the place liquidation ranges are prone to provoke,” and has additionally underscored that “liquidations play a vital function within the cryptocurrency market” as a result of they will affect speedy worth swings when merchants with massive leveraged positions are pressured to shut out.

Associated Studying

Coinglass emphasizes the worth of understanding “excessive liquidity areas,” since they will function magnet zones the place massive gamers, typically known as whales, seize the chance to execute sizable trades. Merchants typically bounce on liquidation clusters at advantageous costs, which then paves the way in which for sharp reversals. Within the case of Dogecoin, that magnet zone is now sitting just under $0.35.

Martinez’s evaluation of DOGE aligns with the broader technical image, which suggests the token could also be at a make-or-break juncture. Since December 8, when Dogecoin briefly surged to $0.4834, the value motion has been outlined by a descending trendline. Though DOGE broke above this line on January 15, 2025—indicating a possible bullish shift—broader market volatility on January 26 rapidly dragged it again beneath.

Dogecoin price
DOGE faces a vital second, 1-day chart | Supply: DOGEUSDT on Tradingview.com

The result’s a situation through which the descending line, now round $0.335 to $0.34, stands as a formidable barrier. A profitable breach of that zone might be pivotal, particularly given the sheer focus of shorts that Coinglass has recognized simply above it. Ought to DOGE rally sufficient to pierce that stage, merchants holding brief positions could also be pressured to cowl rapidly, and that wave of shopping for strain can quickly speed up an upward transfer.

Associated Studying

In the meantime, DOGE stays above the essential 0.382 Fibonacci retracement close to $0.313, a assist stage that prevented additional draw back in the course of the newest market sell-off. The subsequent technical assist lies deeper on the chart, close to $0.212 (0.236 Fibonacci retracement), the place merchants will probably be watching intently for any signal of weakening momentum.

On the upside, the 0.5 retracement at $0.394 stays a key pivot. A sustained restoration above that threshold would possibly spark larger bullish confidence, with potential resistance rising once more across the 0.476 to 0.592 area if Dogecoin can regain sufficient drive.

Featured picture created with DALL.E, chart from TradingView.com



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