The biggest meme cryptocurrency by market capitalisation, Dogecoin (DOGE), is seeing upward price momentum right now. The price of the meme coin has increased 5.4% during the past day to $0.1053. Additionally, throughout this period, DOGE’s market capitalisation has increased by 5.38% to a staggering $15.33 billion.
During this price surge, there is also a lot of trading activity on the currency. Dogecoin’s 24-hour trade volume has surged to $1.10 billion, up 72.12%, according to Coinglass. As the price moves closer to the next highs, traders have joined the DOGE bandwagon, maybe with an eye towards the next objective of $0.11.
Furthermore, during this period, the coin’s Open Interest (OI) has increased. According to CoinGlass statistics, Dogecoin’s OI has increased by 9.58% and is presently at $513.54 million. By growing the number of open positions, it indicates that cryptocurrency traders are becoming more interested in and confident in DOGE.
A reversal in the market is evident from the meme coin’s increasing trading volume and open interest. For the previous few weeks, DOGE and the larger cryptocurrency market have been trading on the sidelines. But now, these indicators have turned positive, and the price has already increased. Therefore, it’s likely that we are witnessing the beginning of a larger price surge.
Dogecoin’s technical outlook
According to TradingView, DOGE’s RSI is presently at 46.5362. It is important to examine the RSI range since it indicates that the market’s attitude has shifted to one of optimism. It indicates that Dogecoin is at the right time to buy, which might drive its price to new heights.
Nevertheless, the $0.13 price level has been rejecting the meme currency. It must cross over this resistance level and transform it into support for a longer-lasting price rally. There is a greater likelihood of a larger price rise if DOGE is able to clear this level.
