Market Data 
- Dogecoin surges above $0.40, driven by Gary Gensler’s exit and growing market optimism.
- Bullish momentum and long positions suggest DOGE could break $0.6533 and reach $1.25.
- Technical indicators signal rising volatility, with $0.45 as the next key resistance level.
Dogecoin has been gaining momentum lately, moving past the $0.40 mark after a long period of consolidation. This surge follows key news, including Gary Gensler’s exit from the SEC and Elon Musk’s role in a government initiative. Traders are feeling optimistic, and bullish sentiment is growing. Can Dogecoin break through $0.6533 and head towards $1.25?
$DOGE (Dogecoin)’s prices are back surging here towards the $0.6533 and can be heading towards a meeting & breaking of it!
Another +52.2% upside could be well on the way, coming quickly, and with a break above $0.6533, $1.25+ comes into play… pic.twitter.com/QiQwDSOwAw
— JAVON⚡️MARKS (@JavonTM1) November 22, 2024
What’s Driving the Dogecoin Rally?
DOGE’s recent rally started with the announcement of Gary Gensler’s resignation. His leadership was marked by strict scrutiny of the crypto market, creating uncertainty. His departure signals a shift, and traders are responding positively. Within a day, the global crypto market hit a new high of $3.25 trillion. This uplift boosted coins like Dogecoin, which saw a 13% jump in just 24 hours.On Friday, Dogecoin crossed the $0.42 level.
A wave of bullish positions followed. Leverage data showed $355.5 million in long positions, dwarfing shorts by nearly $193 million. This shift suggests that traders are confident Dogecoin’s price will keep climbing.As bullish traders push their positions, the risk of a short squeeze grows. If short positions close under pressure, buying could accelerate, driving Dogecoin even higher.
Can DOGE Break $0.6533 and Hit $1.25?
Technical signals point to further gains. Dogecoin is holding steady above $0.40, a key support level. The Bollinger Bands indicate rising volatility, a sign that a price move could be coming soon. If Dogecoin breaks $0.45, the next target could be $0.6533.A breakthrough at $0.6533 would likely trigger more buying. Some analysts believe DOGE could soar past $1.25, reaching levels not seen since its 2021 peak.
Traders need to watch the market closely for signs of a breakout or profit-taking.Dogecoin’s future looks bright as long as the bullish momentum holds. With growing market interest and strong technical indicators, the next few days will be crucial. Will Dogecoin continue to rise? Only time will tell.
