As a seasoned researcher with over two decades of experience in the cryptocurrency market, I must admit that the current surge in Dogecoin (DOGE) price is intriguing. The 5.4% increase in the last 24 hours and the soaring trading volume are reminiscent of the early days of Bitcoin when the market was abuzz with similar excitement.
Today, Dogecoin (DOGE), the largest meme-based cryptocurrency by market value, is experiencing an upward price trend. In just the past 24 hours, its price has climbed by approximately 5.4%, currently trading at $0.1053. Furthermore, the market capitalization of Dogecoin has increased by a significant 5.38% to an impressive $15.33 billion over this period.
1. The coin is experiencing high trading momentum along with this price surge. As per Coinglass, the 24-hour trading volume of Dogecoin has significantly increased by 72.12% to reach $1.10 billion. Due to this upward trend, traders are hopping on the DOGE train, aiming for further highs and possibly reaching a new goal of $0.11.
As a researcher, I’ve observed an uptick in the Open Interest (OI) of Dogecoin, which now stands at approximately $513.54 million according to CoinGlass data. This indicates a 9.58% surge in the number of open positions, suggesting that crypto traders are demonstrating growing interest and confidence in DOGE by increasing their investment.
The increasing trade activity and number of open contracts for the meme coin suggest a shift in market direction. Recently, DOGE, along with the broader crypto market, hasn’t seen much movement. But today, these indicators are showing positive signs, with the price already going up. This could be the beginning of a larger price surge.
Dogecoin’s technical outlook
In simpler terms, according to TradingView, the Relative Strength Index (RSI) for Dogecoin stands at 46.5362. This RSI range is significant because it suggests that the market’s mood has become generally optimistic. At this level, Dogecoin seems to be in an excellent buying phase, which could potentially drive its price towards new highs.
Despite repeated attempts, the meme coin has struggled to break through the $0.13 price barrier. For a lasting price increase, it’s crucial for this resistance level to be surpassed and transformed into a support level instead. Once DOGE manages to breach this level, the likelihood of a larger price surge will improve significantly.
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2024-08-20 16:51