Dogecoin Volume Skyrockets 86%, Here's Possible Price Impact

Dogecoin's Trading Volume Surges

Dogecoin (DOGE), a popular meme coin, has experienced a significant surge in trading volume, reaching over $2 billion in the past 24 hours. According to CoinMarketCap, the trading volume spiked by 86.79%, hitting $2.03 billion.

Spike Despite Price Dip

The increase in trading activity comes despite a recent drop in DOGE's price from $0.2564 to $0.2349. DOGE had been on a downward trend in the past 36 hours before stabilizing sideways.

Sustained Support

Despite the price dip, investors have remained active in trading DOGE. This could indicate that the meme coin is positioned for a potential rebound if it can sustain its momentum.

Critical Support Level

DOGE has found critical support at $0.22 and has managed to stay above it despite a 29.72% decline in the past 30 days. Analysts believe this support level is essential for a potential recovery.

Resistance Levels

To regain momentum, DOGE must overcome several resistance levels. Notably, it has faced repeated rejections at $0.27 and $0.30 in the past 30 days. Analysts are optimistic that clearing these hurdles could lead to a significant rebound.

Market Sentiment

Positive sentiment around DOGE is also fueled by regulatory developments. The SEC has acknowledged Grayscale's ETF filing, potentially paving the way for institutional investor involvement. This could have a positive impact on the coin's price in the future.