Dogecoin (DOGE) is currently trading at $0.2404, an improvement of 2.88% over the last 24 hours. The trading volume has had a great increase, increasing by 23.47% and is currently standing at $3.75 billion. This significant increase in volume underscores the revived market participation and buying impetus.
Source: CoinMarketCap
The coin remains on an upward trajectory for an extended period. Over the past week, DOGE has experienced a price growth of 12.79%, indicating steady growth. This performance is a sign of increased investor attention and supports the general positive mood toward the asset.
Crypto analyst BitBull highlighted that DOGE is in the $0.24 range, which has caused rallies in previous cycles. The existing chart arrangement is bullish and reflects previous breakouts. Traders believe DOGE could be preparing for a larger move if this trend continues. Analysts hold optimism that clearing resistance could lead to another significant move.
The coin is exhibiting a breakout structure. In case the bullish setup is sustained, cryptocurrency may go as high as the $1 mark. The sentiment is further exacerbated by speculation regarding the meme season’s potential return. Retail traders are still in action, and their involvement in the market has been known to move the DOGE market strongly.
Source: X
Also Read: Bitcoin Holds Strong Above $111,000 Despite $12.7 Billion Whale Sell-Offs
Moreover, another analyst, Man of Bitcoin, mentioned that DOGE Wave-2 might have already bottomed its support zone. He clarified that the long-term downward trendline has become a resistance. An upside break above this line may affirm Wave-3. Any upward move beyond 0.288 will give greater evidence of a new bullish stage.
Source: X
According to CoinGlass data, the trading volume increased by 34.21 percent to $7.39 billion. The Open Interest grew by 6.78 percent to $4.23 billion, showing the establishment of new positions. DOGE’s OI-Weighted Funding Rate is 0.0112%, indicating a rise in demand for derivatives markets.
Source: CoinGlass
Increased confidence among traders is suggested by the increase in open positions and volume. Spot and futures markets frequently experience an increase in participation subsequent to significant price fluctuations. Should DOGE maintain prevailing levels and clear areas of key resistance, the upturn may continue. Both technical and on-chain pointers coincide with the bullish mood.
DOGE is currently at a critical point in its market structure. Short-term returns are healthy in demand, and derivatives market data attests to robust activity. Analysts are still keeping an eye on the resistance levels, which can open the way to the next rally. The clear breakout brings the token nearer to the $1 target, and the following sessions are essential.
Also Read: Stablecoin Licensing in 2025: HSBC and ICBC Set to Apply in Hong Kong
Also read: Ledger CTO Warns of Billion-Download NPM Supply Chain Attack, All Solana Ecosystem Responds
