Mushumir Butt
Price of Dogecoin may get some relief after surge in trading volume
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Dogecoin (DOGE) is offering its holders a ray of hope amid a very bleak outlook on the broader crypto market. The overall meme coin sector is currently looking more bearish compared to others. CoinMarketCap reveals that the total market cap of this sector has plummeted 7.5% in the last 24 hours.
Although the bears seem to be in control of the market, DOGE has still managed to break the shackles, at least in one crucial metric. Per CoinGlass data, the trading volume of Dogecoin has surged 186.54% today. This surge takes the volume to a whopping total of $1.37 billion.
The skyrocketing trading volume is a crucial indicator for Dogecoin’s future. It is showing us that traders have not given up on the leading meme coin. Although the DOGE price is currently presenting a bearish picture, crypto traders seem to be buying on the lows.
Their rising interest in Dogecoin can inject bullish momentum into its price over the long term. Meme coins rely greatly on community support, so it is likely that this latest push from the traders can help DOGE to start a price rebound from the current levels.
Dogecoin price scenario
As of press time, DOGE is trading at $0.1175. Notably, the price is down 6.18% in the last 24 hours and down 25.48% in the past month. This shows the struggles of the meme coin in the recent past as it has failed to gain any momentum.
Technical indicators paint a more bearish outlook for the coin. TradingView data shows that Dogecoin is trading below its major moving averages. However, there is one minor positive sign for DOGE, as its RSI is at 28.15.
This indicates that the coin is in an oversold market situation, and we may see a price jump in the short term. Taking the rise in trading volume into consideration, it appears that Dogecoin may get some momentum from here.
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Mushumir Butt
