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Dogecoin (DOGE), the leading meme coin in terms of market capitalization, has witnessed a major bullish development. While the price of the meme coin is still moving sideways, new bullish signals have emerged. They are hinting toward a potential rally for DOGE, as it may target the next high levels.
According to data from CoinGlass, the trading volume of Dogecoin has jumped 25.06% in the last 24 hours. It is currently standing at a massive level of $1.32 billion, reflecting the high influx of investors during this time. It also shows the growing investor interest and confidence in the leading meme coin.
The rising trading activity is seen across all leading crypto trading platforms, a bullish signal for the coin. Binance, with $515 million in volume, leads the way. It is followed by OKX at $362 million, Bybit at $235 million and BingX at $47 million, among others. Notably, this data does not include the trading activity from Robinhood, where DOGE is traded in high volumes.
Price breakout coming?
Another metric showing the rise of investor interest is the rise in Open Interest (OI) indicator. CoinGlass data shows that the OI of Dogecoin has risen 3.49% during the last 24 hours, currently at a whopping $597.38 million level. This shows a high increase in the number of open positions for the popular meme coin, highlighting the bullish sentiment. Amid these two crucial updates, the price of DOGE has remained in a consolidation phase.
As of writing time, it is trading at $0.1127 after a decrease of 0.12% over the past day. Notably, the coin saw a decline from the intraday high of $0.119. The DOGE price is facing rejection from the resistance around the $0.12 range. However, the sentiment is shifting, and Dogecoin may break out of this channel and move to the next highs.
Tomiwabold Olajide
Vladislav Sopov
Dan Burgin