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Binance, the largest cryptocurrency exchange, is experiencing relatively intense Dogecoin (DOGE) trading activities. The meme coin’s trading volume on the exchange jumped 12% to reach a staggering 648,235,545 DOGE in the last 24 hours as market participants traded the asset.
DOGE bounces back from recent lows
CoinMarketCap data shows this spike in interest is coming as DOGE begins a climb from the $0.17 support level. Dogecoin has witnessed severe fluctuations within the last seven days, with the price plummeting as low as $0.1455.
Tomiwabold OlajideHowever, DOGE has registered a significant recovery and looks likely to begin a rally. Notably, the token is inching closer to key resistance levels, which, in previous cycles, signaled a breakout in price.
Based on historical precedent, some analysts consider the current development to be a case of DOGE going through an accumulation phase. They see this as a "buy opportunity" for investors before the price soars, which might account for the massive activity witnessed on Binance.
According to CoinMarketCap data, the DOGE price was trading at $0.1747, representing a 2.71% increase in the past 24 hours.
Although prices remain about 31% lower than 30 days ago at $0.2563, analysts are making positive projections. Notably, if DOGE support holds and it climbs to $0.20, they anticipate it could rally to $2.70.
Is Binance trading surge a buy signal?
This bold optimism relies on the average price performance of DOGE in the last 11 years. Notably, DOGE has only recorded less than 0.5% growth in March.
Godfrey BenjaminHowever, the meme coin followed this with a huge spike of 68.2% in April. Cryptorank figures signal this growth is likely if history repeats itself.
Market observers opine that the intense trading activity on the largest crypto exchange might rely on this data. Market participants are taking advantage of the low price to accumulate and betting on a price rally in April if the market cycle repeats.
Vladislav Sopov
Dan Burgin