Dogecoin demonstrated significant growth, increasing by 6.2% in 23 hours, enabling it to surpass TRON in market capitalization.
Price Surge and Trading Volumes
The price of Dogecoin surged from $0.197 to $0.21, reaching a market cap of $31 billion. Trading volume hit 1.22 billion tokens, nearly tripling the daily average. Price peaked at $0.22 during a seven-hour window before slightly pulling back.
Institutional Interest and Volume
The analysis revealed that the dramatic increase in trading volume was driven by interest from institutional investors. Notably, the 1.22 billion tokens traded within one hour represented the highest single-hour volume in months. Market participants are interpreting this as a sign of enhanced activity from large investors.
Technical Levels and Market Outlook
Technical analysis indicated that breaking above the $0.201 resistance level was supported by heavy trading volume. The area between $0.21 to $0.212 may serve as future support, potentially driving prices further to $0.24 to $0.25. However, falling below $0.207 could lead to selling pressure with a retest of $0.199.
Dogecoin's impressive surge and rise to the eighth position among cryptocurrencies can be attributed to institutional interest and increasing trading volumes, with upcoming trading sessions set to be critical for its future.
