Analysis: DOGE price has increased by 44%, and the trading volume has surged to 1.8 billion USD
According to Cointelegraph, Dogecoin (DOGE) has risen over 10% in the past 24 hours, currently trading at $0.1262, marking a 44% increase from the low of $0.08888 on September 6. DOGE's spot trading volume reached $1.8 billion on October 16, up 95% from the previous day and 165% over the past seven days. Its market capitalization has once again surpassed $18 billion, solidifying its position as the world's largest meme coin.
Several cryptocurrency traders expect DOGE to continue its upward trend. Technical analyst Mikybull Crypto noted that DOGE's price has broken through a 180-day downtrend line, with $0.13 and $0.14 as key resistance levels. DOGE's latest surge has pushed it past key support levels, including the 50-week and 100-week simple moving averages. Futures traders are skeptical of the rapid rebound, and if the price rises to $0.130, short positions worth $587,344 will be at risk. DOGE's open interest (OI) rose to $755.5 million on October 16, a 27.3% increase from the previous day. CoinGlass data shows that DOGE's perpetual futures funding rate has increased, indicating continued bullish sentiment in the market.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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