The dog-themed cryptocurrency Dogecoin (DOGE) has seen a notable increase in trading volume over the past 24 hours as the price experienced a breakout and rose to a four-week high. The altcoin is currently the ninth-largest cryptocurrency by market cap, with a valuation of over $12.33 billion.
The dog-themed cryptocurrency Dogecoin (DOGE) has seen a notable increase in trading volume over the past 24 hours as the price experienced a breakout and rose to a four-week high. The altcoin is currently the ninth-largest cryptocurrency by market cap, with a valuation of over $12.33 billion.
According to data from CoinMarketCap, DOGE’s 24-hour trading volume increased by almost 250%, reaching $1.18 billion at the time of publication. The increase in volume indicates strong interest and activity in the DOGE market, as buyers and sellers exchanged massive amounts of cryptocurrencies.
The increase in volume also coincided with a significant price increase, with Dogecoin reaching highs not seen since December 21.
Dogecoin jumped to highs of $0.097 from $0.078 on January 20, and the gains continued as of press time, with DOGE price rising 10% in the last 24 hours to $0.0856.
Cryptocurrency enthusiasts are speculating about the possibility of cryptocurrency payments on X following the launch of a dedicated account for its upcoming payments feature later in 2024.
As reported, Elon Musk’s social media platform X, formerly known as Twitter, is expected to launch peer-to-peer payments this year.
However, it is unclear whether the feature will support payments in currencies other than traditional ones.
DOGE price: what to watch
Dogecoin price surpassed the daily MA 50 barrier at $0.089 for the first time since January 2024. Dogecoin price reached a high of $0.097, but the bulls’ efforts failed to reach $0.10, preventing them from remove an extra zero from the price.
DOGE price then retreated, falling below the MA 50 barrier to $0.089. On the upside, Dogecoin must surpass the high of $0.097 before buyers attempt to push Dogecoin to the upper resistance zone between $0.10 and $0.11.
On the other hand, if Dogecoin price reverses, the bears may try to push it down to a retest of the $0.074 level.
According to crypto analyst Ali, as long as the $0.074 support group continues to hold, DOGE has a great chance of recovering to $0.100 or higher.