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Dogecoin (DOGE) Investors in Profit: Recipe for Rally?
As we enter the new year, it’s clear that many market participants are expecting a repeat of November’s bullish performance. While this might not be possible or sustainable in the long term, there is no denying the momentum and buying pressure currently building up.
Overnight, DOGE investors found themselves in profit as the cryptocurrency surged by around 15%. This remarkable price action has led some to speculate about potential liquidations imbalances that could fuel further growth.
To recap, the events of November were nothing short of extraordinary. An unprecedented rally had many doubters questioning its sustainability. However, it turned out that this was merely a precursor to an even more impressive performance in December.
Now, with January underway, market expectations have shifted. Many participants are now anticipating a similar outcome, and for good reason. In the last 24 hours, DOGE has already climbed by roughly 15%. This sudden surge has left many traders stunned, leading some to predict a recipe for further price growth.
In essence, the current imbalance is fueled by an excessive number of short positions being liquidated. Market participants are now attempting to capitalize on this unexpected development by buying the dip. As this story continues to unfold, it remains essential for investors and traders alike to stay vigilant and keep a watchful eye on market developments.
By Arman Shirinyan
Source: u.today
