Dogecoin (DOGE) Explodes 72% in Volume, Price Breakout Coming?

Dogecoin Surges with Market Momentum

Dogecoin (DOGE), the leading meme cryptocurrency, has experienced a positive surge in price. In the last 24 hours, DOGE has climbed 5.4%, reaching $0.1053. This has resulted in a corresponding 5.38% increase in its market capitalization, reaching $15.33 billion.

Increased Trading Activity

Amid the price rally, DOGE has witnessed significant trading activity. According to Coinglass, the 24-hour trading volume has surged by 72.12% to $1.10 billion. Traders are actively participating in the market, with eyes on the next target of $0.11.

Growing Open Interest

The coin's Open Interest (OI) has also increased during this period. Coinglass data shows a rise of 9.58% in Dogecoin's OI, currently standing at $513.54 million. This indicates increased investor interest and confidence in DOGE.

Technical Outlook

The RSI of DOGE, as analyzed by TradingView, currently rests at 46.5362. The RSI range suggests a shift towards optimism and indicates that Dogecoin is in an ideal buying phase.

However, DOGE has faced resistance at the $0.13 level. To sustain the price rally, it must overcome this resistance and establish it as support. Successful clearance of this level could lead to further price appreciation.