Increased interest in Dogecoin: Dogecoin has become one of the most noticed cryptocurrencies recently due to its considerable price increase. As more investors are interested, Dogecoin has recorded an all-time high open interest at 4.53 billion USD within just 24 hours.

Pressure from short sellers: According to data from CoinGlass, short sellers’ liquidation orders have surged over the past three days. Short sale liquidations reached 27.82 million USD in the last 24 hours, doubling the liquidation orders from long positions.

Dogecoin’s rise and possible correction: In the past 24 hours, Dogecoin has risen over 14%, reaching the highest price of 2024 at 0.48 USD. However, price divergence and RSI and MFI indicators suggest a potential price correction ahead.

Optimistic yet cautious market: Dogecoin’s price may soon reach the target of 0.50 USD, but potential adjustments due to profit-taking pressure are not ruled out. December might see price volatility as investors spend for the holiday season.