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The Dogecoin (DOGE) community is anticipating an upward movement from the coin. DOGE holders have been trying to inject bullish momentum in the market amid the ongoing volatility. Consequently, the meme coin has witnessed a big jump in the most crucial metric.
As per CoinGlass data, the trading volume of Dogecoin has skyrocketed 146.81% in the last 24 hours. It is currently at the $2.47 billion level, showing significant investor interest. Moreover, it is highlighting that Dogecoin bulls are trying to control the narrative, aiming to push the coin to higher levels.
Data from CoinGlass further reveals that this rising trading activity is seen across major trading platforms. Out of the total, $913.17 million of trading volume is seen on Binance, $532.01 million on OKX, $504.18 million on Bybit, $140.04 million on BingX, among others.
This shows participation of traders in the Dogecoin market across all major exchanges. Moreover, this intense trading activity shows that traders are not giving up on the popular meme coin. They are still anticipating price increases from DOGE as seen from it before.
Dogecoin price outlook
While traders are still bullish on DOGE, its price seems to be struggling today. As per CoinMarketCap, the price of the coin is down 2.96% in the last 24 hours. Currently at $0.1314, the DOGE price has continued to remain in a consolidation phase. Notably, this sentiment is witnessed across the broader crypto market. Despite this, the RSI of DOGE is indicating an opposite outlook.
Standing at the 54.92 level, Dogecoin’s RSI is in a neutral zone. This means that the coin is neither in the bearish zone nor in the bullish zone. While the sentiment appears to be neutral, the latest surge in Dogecoin’s trading volume is a major bullish signal. The coin may enter a bullish phase in the near future.
Yuri Molchan
Denys Serhiichuk