Dogecoin price has seen a rise of over 3.5% in the last 24 hours, reaching $0.4075, amidst a broader cryptocurrency market recovery. Despite trading 15% below its multi-year high recorded on November 23, several factors appear to support a potential upside for Dogecoin. Other memecoins like Shiba Inu and Pepe have also experienced significant gains, contributing to a 5% increase in the total memecoin market cap. The spike in Dogecoin's open interest-weighted funding rate indicates an increasing appetite for long positions. Additionally, Dogecoin's price action is forming a V-shaped recovery pattern, suggesting that it may break through the resistance at the top of this formation, with crucial support indicated between $0.3915 and $0.4050. A close below this support could signal a retreat to lower price levels, but current trends indicate bullish momentum.

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