The crypto market is showing signs of recovery, and Dogecoin (DOGE) is one of the stars of the show, recently jumping an impressive 12.67% in just 24 hours. This surge has propelled the beloved meme coin to a price of $0.3379. If you’re wondering what’s next for DOGE, hold onto your hats—there’s more excitement ahead!
Dogecoin Signals More Uptrend
In addition to the remarkable 24-hour price increase, Dogecoin is making waves with a 9.6% spike in trading volume, reaching over $11.6 billion in a single day. This robust trading activity highlights the liquidity behind this meme coin, setting a solid foundation for further price rallies.
Over the past week, Dogecoin experienced a rollercoaster ride, dipping from a higher mark of $0.4109 down to $0.27. This volatility primarily stemmed from Bitcoin trends; however, DOGE, like many altcoins, faced significant challenges. As the market stabilizes, there’s a promising opportunity for the coin to bounce back and reclaim its previous highs.
On-chain indicators also reveal a flurry of activity in the DOGE ecosystem. According to insights from IntoTheBlock, whale transactions—those exceeding $100,000—have soared by 41.12%, contributing to a total of $23.35 billion. With this kind of backing from big investors, the chances of a swift price recovery seem highly likely.
Key Fundamentals to Watch
As we keep an eye on Dogecoin’s ascent, several essential fundamentals could influence its trajectory. Rumors are swirling that a DOGE ETF might soon be on the table, following positive developments in the regulatory landscape within the U.S. While asset managers have yet to take the plunge, industry experts are speculating about this possibility.
Despite recent fluctuations, DOGE appears to be oversold on various timescales. Additionally, with Bitcoin eyeing a potential retest of its all-time high, there’s a chance that renewed sentiment could generate positive momentum for DOGE.
If Dogecoin can flip the $0.35 resistance into support, it might just reclaim the $0.40 price mark in the near future. So gear up, Dogecoin enthusiasts; the rally might just be beginning, and things are looking lively!
