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Dog-themed cryptocurrency Dogecoin (DOGE) has seen an increase in trading activity, with its 24-hour trading volume soaring by 80%, reaching $850 million per CoinMarketCap data. This increase in volume coincides with a rise in DOGE's price over the last 24 hours, up 5.07% in that time frame to trade at $0.1617 as of press time.
Cryptocurrencies rose on Monday, signaling increased investor confidence as the market stabilizes. BTC surged past $87,000 in the Asian morning hours, while popular cryptocurrencies such as Dogecoin saw gains. The increase reversed some of the losses from the weekend.
Tomiwabold OlajideFollowing three days of gains, Dogecoin saw profit-taking over the weekend before rebounding early Monday. Dogecoin jumped from a low of $0.155 to $0.162 early Monday.
What's next?
The daily RSI is near the mid-50s mark, indicating selling pressure and potential consolidation. Buyers might need to push the price over the 50-day SMA at $0.17 to obtain an advantage. Dogecoin might reach $0.20, which is an important milestone to watch for since a break over it would complete a double bottom pattern.
In contrast, a break and close below the $0.14 support might signal the start of the next leg of the downtrend. Dogecoin might then drop to $0.10.
Dogecoin community stays active
Dogecoin holders all over the world recently celebrated "Dogeday" on April 20, which is the Dogecoin community's unofficial holiday. It acquired popularity within the dog coin community four years ago, in 2021.
Godfrey BenjaminThe Dogecoin community is closely following the U.S. Securities and Exchange Commission as it considers DOGE-related ETF applications.
There are four Dogecoin ETF files pending approval: Bitwise Dogecoin ETF, Grayscale Dogecoin ETF, 21Shares Dogecoin ETF and Osprey Fund Dogecoin ETF. Grayscale's ETF application is scheduled for a response on May 21, after the SEC postponed its decision on other crypto ETF filings.
Vladislav Sopov
Dan Burgin