The meme coin known as Dogecoin (DOGE), which began as a joke, is exhibiting notable signs of life as seen by a sharp increase in trade volume. Dogecoin’s trade volume has increased dramatically by 47.62% in the previous day to reach $1.32 billion, according to statistics from CoinGlass. The neighbourhood is feeling upbeat as a result of this abrupt spike in activity.
At $0.1607, DOGE is now trading at a small loss of 1.04% over the previous day. But during the last 30 days, the currency has had a robust growth of 8.47%, despite this slight decline. This suggests that the meme coin is starting to pick up steam, and the state of the market suggests that this trend may continue.
Technical indicators turn bullish
Several technical indicators are supporting the bullish outlook for Dogecoin. The Relative Strength Index (RSI) for DOGE stands at 50.94, placing it firmly in the buy zone. This level suggests that traders are optimistic about Dogecoin’s prospects, and there is room for upward movement before the asset enters overbought territory.
Additionally, the leading meme coin is currently trading above its 200-day Simple Moving Average (SMA) and 200-day Exponential Moving Average (EMA). These long-term moving averages are crucial indicators of the market trend, and trading above them is typically seen as a strong bullish signal. This alignment further reinforces the positive sentiment surrounding the meme-inspired coin.
Dogecoin holders in profit
In addition to technical indications, IntoTheBlock data shows that 84% of Dogecoin holders are profitable at the current price points. This large proportion of successful holdings shows that investors are holding onto their DOGE in anticipation of further profits and demonstrates persistent bullish momentum.
Positive market indications and an increase in trade volume are not happening separately. The entire cryptocurrency market has been rising, and a lot of altcoins have seen notable price rises. With a robust community and growing traction, Dogecoin seems to be reaping the benefits of this upbeat market attitude.
