Dogecoin experienced a violent price surge on July 23, gaining more than 3% in just four hours and causing a massive liquidation imbalance. According to CoinGlass, the ratio of liquidations hit a staggering 4,578%, with short positions taking the brunt of the damage — nearly $262,000 wiped out. Long positions suffered minor losses of around $5,600 during the same window.
The catalyst was a sharp rebound in Bitcoin, which climbed back above $89,000, lifting the broader altcoin market. DOGE rose from an intraday low of $0.1214 to a high of $0.1273, and was last trading at $0.1263, up 3.78% in 24 hours.
Trading Volume Surges 29.61% as Retail Interest Returns
Dogecoin's 24-hour trading volume jumped 29.61% to $1.24 billion, signaling renewed interest from retail traders. Most market participants had expected the meme coin to remain in a bearish trend, making the sudden spike a painful surprise for short sellers.
$0.1243 Support Level in Focus
For the rally to continue, DOGE must hold above the key support level of $0.1243. The combination of rising price and surging volume suggests the market is absorbing selling pressure, reducing the likelihood of an immediate reversal. However, the Relative Strength Index (RSI) stands at 43.7, leaving room for uncertainty about near-term momentum. If buying pressure persists, a 30% upside to the $0.16 target is within reach.
The sustainability of this move depends on continued participation from both retail and institutional players. Given the high volatility of crypto markets, Dogecoin's path remains uncertain.