Dogecoin (DOGE) Trading Volume Skyrockets to $2 Billion as Price Roars Back

Dogecoin Trading Volume Surges to Over $2 Billion

Original Article by U.Today

Dogecoin (DOGE), the dog-themed cryptocurrency, has experienced a remarkable surge in trading volume, surpassing $2 billion in the past 24 hours. Data from CoinMarketCap reveals a 32% increase in Dogecoin's trading volume over this period, reaching a value of $2.2 billion.

After a three-day decline from Tuesday to Thursday, Dogecoin witnessed a sudden uptick. At the time of writing, it has rebounded slightly and is trading in positive territory, up 1.84% to $0.26 over the past 24 hours.

The increased volume is attributed to traders entering the market as the broader crypto market recovered from earlier losses.

Impact of Economic Data on Cryptocurrency Markets

Dogecoin's surge follows the release of economic data indicating that the number of new non-farm payrolls in January fell to 143,000, below the predicted 169,000 and the lowest since October last year. However, the unemployment rate remained steady at 4%.

Markets reacted positively to the report, leading to a moderate recovery in the cryptocurrency market. Federal Reserve officials are closely monitoring these developments as they consider future monetary policy decisions.

Dogecoin Price Action

Dogecoin's selling pressure intensified after it fell below $0.30 on February 2nd. On February 3rd, the price dipped further to $0.20, attracting buyers before continuing its decline.

After three consecutive days of losses that reached lows of $0.242 on Thursday, Dogecoin has rebounded slightly, reaching an intraday high of $0.261 on Friday.

However, Dogecoin's relief rally could be limited by selling resistance at the $0.30 level. If prices fall from their current levels, bears may target further declines below $0.20.

Conversely, a breakout and close above $0.30 would suggest that bears are losing momentum. It could also indicate a potential bottom and the prospect of a push toward the daily 50-SMA at $0.33, followed by an extension to $0.434.