Short squeeze alert for December 21: Two cryptocurrencies with potential to skyrocket

Crypto derivatives volume surged, leaving some unbalances behind, which could trigger liquidation events. On that, some cryptocurrencies have seen increased short positions that, if liquidated, would cause a short squeeze.

Timeline of Dogecoin

A popular cryptocurrency analyst has recently suggested that the meme-inspired cryptocurrency Dogecoin could see a “gorgeous pump” over the holidays after it breaks through a key price level.

Over the last year, Dogecoin (DOGE) has experienced an increase in its value of almost 22%. This rise in value contributed to the increase in accounts possessing more than $1 million worth of cryptocurrency despite its inflationary nature.

Pseudonymous cryptocurrency analyst Crypto Tony on Tuesday predicted that DOGE could enter a rallying spree if it spikes 11% to surpass the $0.106 mark. What Happened: Crypto Tony on X said, “Give us that gorgeous pump on DOGE this Christmas.

Dogecoin (DOGE), once regarded mainly as a meme cryptocurrency, is gaining recognition as a payment option due to its low transaction fees and consistent support from billionaire Elon Musk. Recent notable activity by large DOGE holders, known as whales, has sparked speculation about the motives behind these significant transactions.

The correction in Dogecoin (DOGE) price could be already over as the memecoin rebounded on Tuesday. The leading memecoin fell 0.90% on Monday but the buyers stepped in below the previous range highs of $0.09.

A pseudonymous crypto analyst, Crypto Tony, said that meme coins are looking good, with “Dogecoin (CRYPTO: DOGE) killer,” Shiba Inu (CRYPTO: SHIB), heating up. Although Crypto Tony is anticipating a big run, he has moved his focus to Floki (CRYPTO: FLOKI).

Concluding the leftover effects of the pullback phase, Dogecoin makes a remarkable comeback with a bullish break. Fracturing the overhead resistance trendline to cross the crucial EMAs in the weekly chart, the buyers signal a sharp reversal opportunity in the DOGE price trend. Trading at a discount of 87% from its all-time high of $0.

Cryptocurrency analyst Ali Martinez on Saturday said that Dogecoin (CRYPTO: DOGE) has successfully cleared all major resistance levels, and he sees the meme cryptocurrency surging 40% in the last 24 hours. What Happened: Martinez has identified the price point of $0.095 as a pivotal support level for Dogecoin.

BONK, a Solana-based meme coin, has continued to outperform the likes of Dogecoin and Shiba Inu over the last week. As the SOL price has rallied, so has its ecosystem coins continued to rise.

BONK (CRYPTO: BONK), the meme coin based on the Solana (CRYPTO: SOL) blockchain, has shown a surge of 36% within the last day, outperforming top cryptocurrencies like Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and even the original dog-themed meme coin, Dogecoin (CRYPTO: DOGE). What Happened: The price hike has propelled BONK to the forefront as the current top performer on the CoinMarketCap top performer list, with its trading value reaching $0.000010.