Dogecoin, a dog-themed cryptocurrency, has recently shown significant increases in trading volumes and prices.
Significant Increase in Trading Volume
In the last 24 hours, Dogecoin's trading volume surged by 328%, reaching $1.5 billion, according to CoinMarketCap data. The price of Dogecoin has risen by more than 5% in the same period, peaking at $0.177 after a dip to $0.162 on Saturday.
Technical Indicators
A golden cross has been confirmed on Dogecoin's hourly chart, where the 50-day moving average crosses above the 200-day moving average. This event may have drawn new traders, reflected in increased trading volumes across various exchanges. For instance, the DOGE/USD pair on OKX saw a 5,269% increase in volume, while on Coinbase, it climbed by 330%.
Outlook for Dogecoin
Dogecoin futures open interest hit $2.09 billion in the last 24 hours, indicating growing trader appetite for directional bets. Technical analysts noted a double-bottom pattern around $0.15, and the rebound above $0.162 with a surge in volume suggests the market may be preparing for higher levels, with resistance at $0.186 and $0.226.
The surge in trading volumes and prices of Dogecoin may signify increasing trader interest and potential opportunities for further price growth.
