Dogecoin (DOGE) Key Indicator Surges 186%
Against the backdrop of a bleak outlook for the cryptocurrency market as a whole, Dogecoin (DOGE) offers a glimmer of hope for its holders. While the entire meme coin space currently looks pessimistic, the surge in Dogecoin’s trading volume is a key indicator of its future performance.
According to data, Dogecoin’s trading volume surged by 186.54% today to a staggering $1.37 billion. The surge shows that traders are not giving up on the leading meme coin despite the current bearish trend of its price.
Many cryptocurrency traders appear to be buying at low levels, indicating a growing interest in Dogecoin that could inject bullish momentum into its price in the long run.
At press time, DOGE is trading at $0.1175. The price has fallen by 6.18% in the past 24 hours, while it is down 25.48% in the past month. This suggests that the meme coin has underperformed recently and failed to gain any momentum.
Technical indicators show a more bearish outlook for Dogecoin. According to the data, Dogecoin is trading below its major moving averages. However, there is a small positive sign: Dogecoin's relative strength index (RSI) is 28.15. This indicates that the coin is in an oversold market state and the price may rise in the short term.
Considering the increase in trading volume, it seems that Dogecoin may gain some momentum from the current level. The meme coin relies heavily on community support, so the latest push from traders is likely to help Dogecoin rebound from the current level.
Overall, despite the current pessimistic market sentiment, the surge in Dogecoin's trading volume provides a glimmer of hope for its future trend. If the market sentiment improves, Dogecoin may rebound from the current level and bring new development momentum.
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