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Dogecoin (DOGE), the largest meme coin in terms of market capitalization, has seen positive price momentum today. The meme coin’s price has soared 5.4% in the last 24 hours, currently standing at $0.1053. Moreover, the market cap of DOGE has jumped 5.38% to a whopping $15.33 billion during this time.
The coin is also witnessing intense trading activity amid this price rally. The 24-hour trading volume of Dogecoin, according to Coinglass, has skyrocketed 72.12% to $1.10 billion. Traders have jumped on the DOGE bandwagon as the price continues to go toward the next highs, potentially targeting the next target of $0.11.
Moreover, the Open Interest (OI) of the coin has also risen during this time. CoinGlass data reveals that there is a jump of 9.58% in Dogecoin’s OI, currently standing at the $513.54 million level. It means that crypto traders have been showing greater interest and confidence in DOGE by increasing the number of open positions.
The rising trading volume and Open Interest of the meme coin is reflecting a market turnaround. DOGE, along with the broader crypto market, has been trading sidelines in the past few weeks. However, these metrics have turned bullish today, and the price has already jumped. Hence, it is likely that this is a start of a more major price rally.
Dogecoin’s technical outlook
The RSI of DOGE, per TradingView, is currently sitting at the 46.5362 level. The RSI range is crucial to analyze, as it reflects that the current market sentiment has turned optimistic. It is showing that Dogecoin is in the ideal buying phase, and this can push price toward the next highs.
However, the meme coin has been facing rejection from the $0.13 price level. For a more sustained price rally, it needs to overcome this resistance level and turn it into support. If DOGE successfully clears this level, then the chances of a bigger price rally will become better.
Arman Shirinyan
Alex Dovbnya