- The US-UK trade deal lifted investor sentiment across digital assets.
- At the time of writing on Friday, DOGE was trading at approximately $0.206.
- Open Interest rose 18% to $2.17 billion, driven by long positions.
Dogecoin (DOGE) surged 18% this week, reclaiming the $0.20 mark after breaking above key technical levels on Thursday.
The rally follows a new trade agreement signed between the United States and the United Kingdom, which triggered bullish momentum across the crypto market.
DOGE’s upward move mirrors broader investor optimism, with market-wide recoveries helping it clear the 50-day and 100-day exponential moving averages (EMAs), historically strong resistance zones for the meme coin.
At the time of writing on Friday, DOGE was trading at approximately $0.206, having established a support base above $0.20.
The renewed interest was accompanied by a sharp rise in trading volume and derivatives activity, suggesting increased participation from institutional and retail traders.
Source: CoinMarketCap
$13 million in liquidations
Dogecoin’s rally sparked a wave of liquidations in the futures market, with approximately $13 million worth of positions wiped out in the past 24 hours.
According to Coinglass data, short liquidations made up the majority at $11.3 million, while longs accounted for just $1.6 million.
This imbalance indicates a textbook short squeeze, where a sharp price increase forces traders with bearish positions to exit rapidly, pushing prices even higher in the process.
Open Interest (OI) in DOGE futures also jumped by 18% to $2.17 billion, a sign of growing trader appetite.
The surge in OI, particularly from long positions, suggests market participants are positioning for further upside.
Binance’s long-to-short ratio of 2.4602 reinforces this trend, showing more traders betting on DOGE to move higher.
Volume activity added to the bullish confirmation. DOGE’s 24-hour trading volume spiked 74.49% to reach $4.5 billion, with elevated volume during an uptrend generally viewed as a confirmation of momentum strength.
Inverse head and shoulders targets $0.24 breakout
Dogecoin has broken out from a classic inverse head and shoulders formation, often seen as a bullish reversal signal.
The structure, observed on the daily chart, projects a…