Dogecoin Price Eyes $0.30 After $14M Liquidations Flip Resistance To Support

Key Insights:

• Dogecoin saw over $14M in short liquidations as price surged nearly 50% from $0.16 to $0.24 within a week.
• Dogecoin price is retesting the $0.26–$0.27 zone, a key resistance now acting as support after a recent breakout.
• Almost 100M DOGE tokens are unlocking this week, which could spark volatility despite strong whale accumulation.

Dogecoin (DOGE) price witnessed a surge of nearly 50% within the past week. It rose from around $0.16 to over $0.24. This sharp move triggered over $14 million in liquidations, mostly targeting short positions.

As a result, Dogecoin price is now testing the previous resistance zone near $0.27 as support. The shift in trader positioning and historical price structure is now focusing on a potential breakout towards the $0.30 mark.

Short Liquidations Fuel a 50% Dogecoin Price Surge to $0.27

The DOGE meme coin saw its price increase from $0.15 to nearly $0.30. The CoinGlass liquidation data showed short positions worth over $14 million were cleared during this period. A sharp spike occurred between May 9 and May 10, and daily short liquidations exceeded $7 million.

Short liquidations take place when a crypto’s price rises quickly. It forces traders who bet on a drop to close their positions at a loss. These events often trigger rapid price increases, commonly known as short squeezes.

That’s exactly what occurred in DOGE’s case, driving the token past key resistance levels and increasing market interest.

Source: CoinGlass

DOGE’s spot price moved past the $0.27 level briefly before facing a minor pullback. This zone has served as both resistance and support in the past months.

The recent liquidations have positioned the level as a possible launchpad for continued upward momentum, provided that price stability is maintained.

DOGE Tests Historical Resistance Area Around $0.26–$0.27

Crypto analyst Ali Martinez noted in a recent post, Dogecoin $DOGE has reached a crucial area of resistance! The zone is featured between $0.26 and $0.27. DOGE price has faced multiple rejections from this level in the past. Therefore, it seems like a key area for bulls and bears alike.

The price approached this resistance following a clear structure of higher lows and higher highs since mid-April. This technical structure shows a potential reversal of the previous downtrend. However, a confirmed breakout and daily close above $0.27 are essential to support further upward movement.

Source: X

The shared chart also indicated that any pullback towards the $0.235–$0.245 area could act as a support test. This range previously acted as a resistance. So, Dogecoin price must hold above it to reinforce its current upward structure.

Token Unlocks May Introduce Short-Term Volatility

While DOGE has posted a strong rally, near-term volatility may arise from token unlocks. According to the data providers, around 95.9 million DOGE tokens could be unlocked between 12th and 19th May.

This sum corresponds to a mere 0.06% of the total number of coins. It still stands for about $22 million at current rates.

Token unlocks can generate a time-bound selling pressure, particularly at hypersensitive market times. The next period of 30 days will see the entering circulation of around 424 million DOGE tokens as a block reward. It may affect price action and levels of resistance zones.

Market players are keen to find out if the prevailing momentum will be maintained above $0.22. Analyst Rekt Capital in an X post said that Dogecoin price is now doing a critical retest of pre-halving resistance into a new support. Besides, holding the $0.22 level may help the price move up to $0.27.

Dogecoin Price Technical Setup Favors Upside If Support Holds

The price movement on the market currently demonstrates a bullish market structure. It is characterized by a chain of higher lows and higher highs from mid-April onwards. If DOGE shows support at $0.235- $0.245 on any pull-back, it can form a base for the next phase of the rally.

Traders are now focusing on a potential breakout above $0.30 . If this occurs with strong volume, the path could open toward $0.36 or even $0.45, based on historical levels. However, maintaining the $0.27 breakout level is critical for Dogecoin price.

Source: TradingView

DOGE’s open interest has crossed $1 billion, suggesting increased trader engagement. With market sentiment supported by strong liquidation flows and whale activity, price levels around $0.30 are now within reach if current trends continue.