Dogecoin (DOGE) offers its holders a ray of hope amid a very bleak outlook on the broader crypto market. The overall meme coin sector currently appears more bearish compared to others. CoinMarketCap reveals that the total market capitalization of this sector has plummeted by 7.5% in the last 24 hours.
Dogecoin (DOGE) offers its holders a ray of hope amid a very bleak outlook on the broader crypto market. The overall meme coin sector currently appears more bearish compared to others. CoinMarketCap reveals that the total market capitalization of this sector has plummeted by 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 on one crucial metric. glass coin According to data, Dogecoin trading volume has increased by 186.54% today. This increase brings the volume to a whopping $1.37 billion.
The increasing trading volume is a crucial indicator for the future of Dogecoin. It shows us that traders have not given up on the leading meme coin. Although the price of DOGE currently presents a bearish outlook, cryptocurrency traders They seem to be buying at the lows.
Their growing interest in Dogecoin may inject bullish momentum into its price in the long term. Meme coins rely heavily on community support, so it is likely that this latest push from traders could help DOGE start a price rally from current levels.
Dogecoin Price Scenario
At press time, DOGE is trading at $0.1175. Notably, the price is down 6.18% over the past 24 hours and 25.48% over the past month. This shows the struggles of the meme coin in the recent past as it has failed to gain momentum.
Technical indicators paint a more bearish outlook for the currency. TradingView The data shows that Dogecoin is trading below its main moving averages. However, there is a small positive signal 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 increase in the short term. Considering the increase in trading volume, it looks like Dogecoin may gain some momentum from here.
