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Dog-themed cryptocurrency Dogecoin has seen a staggering 11,558% surge in trading volume on Coinbase’s DOGE/USD pair, according to CoinGlass data.
According to CoinGlass, the trading volume for the DOGE/USD pair rose to $17.63 million in the last 24 hours, a significant 11,558% increase from prior levels. Such a surge in activity might hint at increased trading interest.
Dogecoin has often attracted speculative activity, and significant volume increases may imply that short-term traders are flocking to capitalize on volatility. It’s worth noting that this spike is isolated to the DOGE/USD pair on Coinbase, indicating that exchange-specific factors such as increasing U.S. customer demand may also be at play.
Dogecoin's total trading volume during the last 24 hours was $822 million, according to CoinMarketCap data.
DOGE price action
At the time of writing, DOGE was down 1.56% in the last 24 hours to $0.1653 amid a general drop in the crypto market as traders weighed macroeconomic concerns.
The daily chart reveals DOGE tracing a double bottom pattern, a classic reversal signal, with a support base around $0.15 created in recent weeks.
The cryptocurrency experienced a steady climb earlier in the week, culminating in a bullish close at $0.175. Shortly after reaching this high, DOGE experienced a brief pullback to a low of $0.161 on July 4 before slightly rebounding.
If the declines continue, Dogecoin risks falling below the $0.14 support. If this occurs, the selling could accelerate, and Dogecoin could fall to $0.10. Buyers will gain power if they propel Dogecoin above the $0.21 overhead resistance.
Vladislav Sopov
U.Today Editorial Team