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According to CoinGlass data, Dogecoin (DOGE) suddenly saw a 1,023% surge in trading volume on the crypto exchange OKX within a single hour.
Key volume surges, especially on an hourly basis, might indicate buying pressure, especially from large holders or whales, as the Dogecoin price rebounds after a major sell-off in the past week. The recent volume surge coincided with a rise to an intraday high of $0.204.
Trading volume may indicate traders' positioning, and a spike may signal a move to profit from market volatility.
DOGE printed a 2.47% gain on the day to trade at $0.201, extending its rebound from Sunday. After six days of dropping, Dogecoin recovered from a low of $0.188 on Sunday. The rebound reached $0.204 in the early Monday session, with the $0.21 level resistance now in view, which coincides with the daily SMA 200.
DOGE remains in consolidation, with momentum building in between its 50- and 200-day SMA at $0.195 and $0.2099. Sellers defended the $0.204 intraday high as the price was rejected from there, with volume dropping subsequently.
What's next for DOGE's price?
Bears sold on a rally to $0.287 on July 21, pulling the Dogecoin price to a low of $0.188 before subsequently rebounding.
The daily RSI improved to 44 but still suggests that bears are still in the picture, with consolidation more likely.
Dogecoin could oscillate in the coming sessions between its 50- and 200-day SMAs, with a break in either direction determining the short-term trend. The 50-day SMA at $0.19 forms short-term support; a break below this level might open the gates for a drop toward $0.14, and $0.21 remains as immediate resistance.
The $0.248-$0.287 range comes into the spotlight; bulls will look toward that range next.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team