Can #Dogecoin Reach $10 Per Coin as It Emerges as the World's Seventh Most Traded Cryptocurrency?

The market for Dogecoin (DOGE/USD) has been quite active as of late, with the price hitting $0.20, showing a 12% increase in the last day.

There is clear evidence of strong interest from traders and investors, as the trading volume of Dogecoin has soared to almost $2.33 billion.

Dogecoin is now the eighth most valuable cryptocurrency according to CoinMarketCap, with a market valuation of $29.23 billion. This worth is a reflection of how widely used and excited people are about this coin.

Rising market enthusiasm causes Dogecoin open interest to soar to $1.58 billion.

With a growth of 9.35%, Dogecoin's open interest has soared to $1.58 billion.


Bybit comes in second with $416.67 million, Binance takes a sizable chunk with $446.65 million, and BingX rounds out the top three with $204.39 million, all of which point to heavy trading activity across several exchanges.

Dogecoin has grown a devoted following and received endorsements from famous people since its 2013 inception as a satirical cryptocurrency, which has increased its exposure and popularity.

According to Dogecoin's technical analysis, the $0.18 mark will serve as the pivot point. First, at $0.20, then at $0.22, and finally at $0.25, the asset encounters layers of resistance. If Dogecoin wants to continue its upward trend, it will need to cross these important price benchmarks.

To counteract this, critical support levels have been set at $0.17, $0.14, and $0.12 to forestall any possible downtrends.

Furthermore, the bullish trend is further validated by the technical support level of $0.18, which is the 50-day Exponential Moving Average (EMA).

Resistance at the $0.1885 level indicates that Dogecoin's recent performance has broken out of the previous downward channel. With favorable signs from RSI and EMA, as well as the asset's capacity to keep its price above this threshold, more upward movement is possible.

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