Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Dogecoin (DOGE) has received a price boost as it appears bulls are rallying to keep the asset from falling below critical support. In the last 24 hours, Dogecoin has increased by a significant 4% against Bitcoin (BTC), pushing the price to a daily peak of $0.2303.
DOGE trading volume dips, but sentiment remains strong
Per CoinMarketCap data, DOGE rallied from $0.2189 to print higher highs on the crypto market. This signals higher price growth than Bitcoin, the leading digital asset, within the same period.
Despite always mirroring Bitcoin on the broader crypto market, DOGE has outpaced BTC by almost 2%. Within the same period, Bitcoin managed 2.02% price growth to stay under the $110,000 level. Its brief rise above this level did not last as it faced temporary rejection.
Although Dogecoin suffered a similar fate at $0.23, the meme coin’s bulls have kept it stable as of press time. DOGE appears to be in reset mode and is likely to bounce upward if the ecosystem supports it.
As of press time, the DOGE price was changing hands at $0.2255 after a slight dip, possibly due to its drop in volume. Market participants appear to have pulled back as trading volume decreased by 5.83% to $1.29 billion.
Is Dogecoin’s $0.30 target in sight?
The 4% price increase signals a positive development for Dogecoin, which suffered a 157% liquidation imbalance over the weekend when its price was reset. On this occasion, long position traders recorded a loss of $13.72 million, as total liquidations stood at $15.83 million.
With the price experiencing sideways movement, Dogecoin could print higher levels if the buying activities in the ecosystem skyrocket, as the trading volume may show.
The DOGE’s recent 40% volume spike catalyzed the bullish rally seen by the meme coin. An increase in trading activity might help Dogecoin push toward the $0.30 target in the short term.
Vladislav Sopov
U.Today Editorial Team