The total market value of this sector has decreased by 7.5% over the past 24 hours. Amid an overwhelmingly grim outlook for the broader cryptocurrency market, Dogecoin (DOGE) offers its holders a glimmer of hope. The coin sector appears to be more bearish currently compared to other sectors.
According to data, Dogecoin’s trading volume surged by 186.54% today, taking the total volume to a substantial $1.37 billion. Despite the market being dominated by bears, DOGE has managed to break through at least one significant metric. The high trading volume is a crucial indicator for Dogecoin’s future. It shows that traders have not abandoned the leading meme coin. While DOGE’s price currently paints a bearish picture, cryptocurrency traders are buying at the lows.
Read more DOGE Community’s Optimism for DOGE Payments on X Remains Strong
Their increased interest in Dogecoin could inject bullish momentum into its price over the long term. Meme coins heavily rely on community support, so this recent surge of traders is likely to help DOGE begin a price recovery from current levels.
Dogecoin Price Scenario
As of the time of publication, DOGE is trading at $0.1175. Notably, the price has dropped by 6.18% over the past 24 hours and 25.48% over the past month. This illustrates the challenges the meme coin has faced, trading below its major moving averages. However, there is a slight positive signal for DOGE, as the Relative Strength Index (RSI) stands at 28.15. Technical indicators portray a more bearish outlook for the coin. The data shows that the coin is in an oversold condition in the market, suggesting we might see a short-term price bounce. Considering the rise in trading volume, Dogecoin appears poised to gain some momentum from here.
Important Notice: The content presented in this article is intended for informational purposes only and should not be interpreted as financial advice. Coinshibainu.com bears no responsibility for any investment decisions made relying on the information contained herein. It is highly recommended to consult with a qualified expert or financial advisor before making any investment decisions.
