DOGE (Dogecoin) Sees $1.95 Billion in Trading Volume Despite 25% Drop
DOGE (Dogecoin) set a new record with trading volume reaching $1.95 billion, despite experiencing a 25% drop in price.
Even as Dogecoin faced a significant decline in trading volume and a price decrease, it managed to maintain a strong position with $1.95 billion in trading activity, highlighting its resilience in the market. This substantial trading volume stands in contrast to the broader market volatility affecting various digital assets. Although Dogecoin did not escape the bearish pressure, the high volume suggests continued investor interest, potentially indicating strategic positioning for future market movements.
While DOGE is currently trading at $0.146, reflecting a 5.41% drop in the last 24 hours and a 14.6% decline over the past week, it has managed to hold a price range between $0.129 and $0.18. Despite the downward trend, the cryptocurrency found support around $0.129, indicating a level of buyer interest preventing more significant declines.
Analysts predict strong support at the $0.14 level, with potential retesting of $0.12 if this support fails. On the upside, breaching the $0.18 resistance level could signal a shift in bearish momentum, potentially leading to further gains towards the 50-day Simple Moving Average at $0.186 and the 200-day SMA at $0.256 if bullish sentiment strengthens.
In a positive development for Dogecoin, 21Shares launched a Dogecoin ETP on the SIX Swiss Exchange, endorsed by the Dogecoin Foundation. This marks a crucial step in providing regulated exposure to Dogecoin for traditional investors, backed by institutional credibility.
Looking at the technical outlook, Dogecoin shows critical support at $0.14, which buyers are likely to defend, while $0.18 remains a key resistance level to watch. Breaching $0.18 could pave the way for further gains towards the 50-day and 200-day SMAs, signifying a potential recovery from recent lows.
Despite recent setbacks, Dogecoin’s robust trading volume, technical levels, and institutional backing demonstrate its enduring relevance in the cryptocurrency space, positioning it as a significant player amidst market challenges.
