The cryptocurrency market continues to show volatility, with a capitalization of $3.89 trillion and changes in prices for major assets.
Market Capitalization and Cryptocurrency Prices
As of writing, the cryptocurrency market capitalization stands at $3.89 trillion, increasing by 0.49% in the last 24 hours. Bitcoin is trading at $115,531, which is a 2.36% decrease from last week but a 0.34% increase in the past 24 hours. Ethereum was priced at $4,286, with a slight daily loss of 0.24% but nearly flat with a 0.19% weekly gain.
Analysis of Dogecoin Prices
The price of Dogecoin is at $0.2249, down 5.35% in the last 24 hours. Analysts have set price targets for Dogecoin between $0.18 and $0.29. According to Ali_charts, symmetrical triangles typically lead to a 40% price move once resolved. A positive breakout could drive the price of Dogecoin up to $0.265 and even to $0.287. Conversely, a close below the support zone of $0.218 could push the price down to the $0.18 support level.
State of Derivatives and Spot Market
The volume of Dogecoin derivatives fell by 20.65% in the last 24 hours to $5.70 billion. Open interest also decreased by 2.24% to $3.35 billion. Data on options trading shows a decline in volume of over 71%, while open interest has risen slightly. Despite overall volume weakness, significant long activity is observed on Binance and OKX, indicating that traders may be anticipating upward price movements.
The current situation in the cryptocurrency market remains tense, with price fluctuations of Bitcoin, Ethereum, and Dogecoin. The upcoming weeks will be crucial for trend formation in the market.
