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Dogecoin (DOGE) is showing resilience on the market as the bearish trend for Bitcoin and altcoins is mildly showing up. Dogecoin's price was changing hands for $0.1695, down by 2.11% in the past 24 hours. Despite this downturn, the Dogecoin trading volume on top centralized crypto trading platforms like Binance signals a potential rebound ahead.
Dogecoin volume on Binance
Per data from CoinMarketCap, two Dogecoin trading pairs on Binance, including DOGE/USDT and DOGE/FDUSD, have shown a massive rebound. While the DOGE/USDT pair’s volume has skyrocketed by 10.64% to $122,181,081, that of DOGE/FDUSD has rallied 21.57% to $247,642,042.
Yuri MolchanCombined, these volumes have recorded over 2.205 billion DOGE in 24 hours, proof that the digital currency is well sourced by traders. Earlier, Dogecoin recorded $1.19 billion in a 24-hour trading period, registering a 6% surge earlier this week.
The sentiment in the broader digital currency ecosystem is also impacting the meme coin. The current global trade war is weakening the breakout potential of Bitcoin. With Bitcoin and Dogecoin still maintaining an epic correlation, the impact has become quite resounding for the meme coin.
DOGE's fate in April
On the weekly chart, the price of Dogecoin has dropped by 15.7%, with the monthly drawdown coming in at 21.59%. While the general price trend of Dogecoin has proven bearish, there is hope that the coin will reverse this trend this month.
Godfrey BenjaminAs reported earlier by U.Today, the DOGE price has a history of rallying in April. Market data shows that the coin jumps at 62% on average, with more months recording an uptick over the past 12 years.
Thus far this month, DOGE has jumped by 2.22%, per data from Cryptorank, as the market sets sail to rewrite the 14% slump in March.
Vladislav Sopov
Dan Burgin