The price of the dog-themed cryptocurrency Dogecoin (DOGE), which experienced a breakthrough and climb to a four-week high, has seen a surprising spike in trading volume in the previous 24 hours. With a price of more than $12.33 billion, the altcoin is presently the ninth-largest cryptocurrency by market capitalization.
The 24-hour trading volume of DOGE climbed by around 250%, hitting $1.18 billion at the time of publication, according to statistics from CoinMarketCap. Massive volumes of DOGE were exchanged by buyers and sellers, indicating a high level of interest and activity in the market.
Dogecoin’s price surged to levels not seen since December 21 at the same time as the volume spike.
Dogecoin surged from $0.078 to highs of $0.097 on January 20. The gains persisted until the time of writing, with the price of DOGE climbing by 10% in the previous day to $0.0856.
X aficionados are making predictions regarding the potential for cryptocurrency payments as the company launches a special account for its upcoming payments function later in 2024.
Peer-to-peer payments are expected to be introduced this year on Elon Musk’s social media network X, formerly known as Twitter, as previously reported.
It’s unclear, though, if this service would accept payments in currencies other than conventional fiat money.
DOGE price: What to watch
For the first time since January 2024, the price of Dogecoin broke through the daily MA 50 barrier at $0.089. Dogecoin’s price peaked at $0.097, however bulls were unable to remove one additional zero from the price since their efforts were unsuccessful in raising the price by $0.10.
After then, the price of DOGE reversed and fell to $0.089, below the MA 50 level. Before buyers try to drive Dogecoin to the overhead resistance zone between $0.10 and $0.11 on the upside, Dogecoin has to break above the $0.097 high.
Conversely, bears could try to push Dogecoin down to a retest of the $0.074 mark if the price reverses.
Crypto expert Ali believes that DOGE has a good possibility of rising to $0.100 or higher if the $0.074 support cluster holds.
