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Dogecoin extended its price rebound from a low of $0.09 on Feb. 12 as the crypto market saw its strongest weekend price action in over 20 weeks.
Saturday saw the Dogecoin price rise as much as 15%, from $0.096 to $0.113, to mark three straight days of increases from Thursday.
The rise sustained on Sunday, with Dogecoin reaching an intraday high of $0.117, a 21% increase from the prior day's low of $0.096.
The price increase was accompanied by significant activity, with trading volumes increasing 191% in the last 24 hours to $2.87 billion, according to CoinMarketCap.
Dogecoin's open interest has surged 25% in the last 24 hours, according to CoinGlass, reaching $1.31 billion. At the time of writing, Dogecoin had slightly retreated, up 11% in the last 24 hours to $0.109.
According to Lunarcrush, DOGE mentions are up 33.19% vs. last month as the price rose.
Dogecoin price
Dogecoin's price jump follows the broader crypto market recovery as a lower-than-expected CPI reading helped boost the outlook for Federal Reserve interest rate cuts on the markets.
A golden cross on the hourly chart also preceded the rise. Dogecoin completed a golden cross pattern on its hourly chart, a confirmation of its short-term positive momentum. The 50 MA crossed above the 200 MA on the hourly chart, indicating a golden cross. This comes as the Dogecoin price rose as the market saw its strongest weekend price action in over 20 weeks.
Dogecoin is currently battling a barrier at $0.117. If the rise continues, Dogecoin will eye its next barrier at $0.122, which coincides with the daily MA 50. A break above the $0.12 level might open the door for a price increase to $0.16. If the Dogecoin price turns down and breaks below $0.09, it may drop to the $0.08 level.
Vladislav Sopov
Dan Burgin