Dogecoin (DOGE) Explodes 72% in Volume, Price Breakout Coming?
Release: 2024/08/20 21:37 Reading: 457
Cover image: U.Today
Dogecoin (DOGE), the top meme coin by market capitalization, exhibits positive price action. Within the last 24 hours, DOGE has surged 5.4%, currently trading at $0.1053. Notably, its market cap has increased by 5.38%, reaching a substantial $15.33 billion.
Amid this price surge, DOGE experiences significant trading activity. According to Coinglass, its 24-hour trading volume has skyrocketed by 72.12%, reaching $1.10 billion. Traders actively buy DOGE as its price approaches new highs, potentially aiming for $0.11.
Furthermore, Dogecoin's Open Interest (OI) has also increased during this period. CoinGlass data indicates a 9.58% rise in OI, currently at $513.54 million. This demonstrates increased interest and confidence among crypto traders, who have opened more positions.
The growing trading volume and OI suggest a market reversal for the meme coin. In recent weeks, DOGE and the broader crypto market have traded sideways. However, these metrics have turned bullish today, leading to a price increase. This suggests the potential start of a more substantial price rally.
Technical Outlook for Dogecoin:
DOGE's RSI, according to TradingView, is currently at 46.5362. Analysis of the RSI range reveals an optimistic market sentiment. It indicates that Dogecoin is in a favorable buying phase, which could drive its price higher.
However, DOGE has faced resistance at $0.13. For a sustained price rally, it must overcome this level and establish it as support. If DOGE successfully surpasses this hurdle, the likelihood of a significant price increase will strengthen.
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