Dog-themed cryptocurrency Dogecoin (DOGE) has experienced a surge in market activity, with a 328% jump in trading volume, reaching $1.5 billion in the last 24 hours, per CoinMarketCap data. This jump correlates with an increase in the price of Dogecoin following a weekend bounce.
Dogecoin rose more than 5% in the previous 24 hours, reaching an intraday high of $0.177 after two consecutive days of gains from Saturday’s low of $0.162, as traders weighed recent developments that could benefit Dogecoin.
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The breakout was accompanied by an increase in trading volume as whale wallets accumulated aggressively during the move, implying renewed confidence in Dogecoin.
What’s happening?
Dogecoin recently confirmed a golden cross — a technical pattern that occurs on the market when a short-term moving average (50-day) of an asset rises above a long-term moving average (200-day) — on its hourly chart.
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This signal, which coincides with Dogecoin’s recent price surge, might have caused an influx of traders seeking to profit from the volatility. This is apparent in spot volume increases across various crypto exchanges in the last 24 hours. For instance, the DOGEUSD pair on OKX saw a 5,269% volume surge, while that on Coinbase saw a 330% surge, suggesting traders piling into volatile plays.
DOGE futures open interest hit $2.09 billion in the last 24 hours, indicating a significant increase in leveraged bets. This reflects growing trader appetite for directional bets.
Technical analysts highlighted a double-bottom pattern around $0.15. The rebound above $0.162, confirmed by a volume surge, implies that the market might be preparing for higher levels, with resistance at $0.186 and $0.226 (the daily SMA 50 and 200, respectively) next.
Source: https://u.today/dogecoin-doge-skyrockets-310-in-market-activity-whats-going-on
