Dogecoin Trading Volumes Up 50%, DOGE Poised to Surge to $0.15
Crypto markets have been caught off guard by the recent reversal, with Dogecoin trading volumes up 50%, poised to break the $0.11 mark. The asset appears to be experiencing a sudden rally. Now, the leading meme coin is expected to ride the momentum to rise to September highs.
The asset is sprinting towards a key resistance level. In fact, DOGE will face a notable turning point at $0.115 in the short term. If it can surpass this barrier, it could pave the way for a notable rise in the coming week. Specifically, as it will target the $0.15 mark.
Since the beginning of August, the cryptocurrency market has been in a slump. This is evident in Bitcoin’s performance over the past month. In recent weeks, Bitcoin has been valued at $55,000, a far cry from the $73,000 record set in March. Its leading position in the cryptocurrency market has given various coins hope that it will soon see a turnaround.
However, there is one asset that seems to have suddenly seen a massive surge. In fact, Dogecoin shocked the market with a 50% surge in trading volume and is now heading towards $0.15. The asset is now heading towards $0.11, where an important resistance level awaits it.
In the past 24 hours, the coin has gained more than 5.6%. Moreover, in the past 7 days, the coin has gained more than 16% and is currently trading at $0.107. Moreover, Coinglass data shows that the derivatives trading volume of the leading meme token has exceeded $1 billion.
The indicator shows that DOGE is already the ninth largest asset in the derivatives market. The key point of debate is the possibility of the asset breaking through $0.12. If it can break through, its future may see a long-term rise. If not, it may hover at the current level for a while before succumbing to the momentum of significant price changes.
