Dogecoin might be facing bearish pressure in the short term, as it has not lost its most promising bullish performance metrics. At press time, the top meme coin had fallen by 2.02% in 24 hours and is changing hands for $0.2177,according to CoinMarketCap. With a mixed growth outlook on different time frames, it remains unknown whether bulls can stage a comeback amid a rapid volume boost.
Dogecoin volume in breakout mode
In an unusual twist, DOGE has recorded a 95% boost in daily transaction volume, which has now topped a total of $2,845,301,092.7. This massive volume has pushed it ahead of core rivals in the top 10, as it shows unique adoption levels.
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Over the past month, theDOGE volume has served as a frontline metric to judge the asset’s health. If the volume boost is sustained for much longer, the liquidity can support a likely price rebound when demand picks up again.
On a volatile market, traders are also watching other metrics to judge what will happen to Dogecoin. For instance, DOGE's open interest has continued to fluctuate uniquely to show responses to volatility on the futures market.
With different demand levels, expectations are mounting that bulls will find common ground to stage their rebound soon.
What's next for DOGE's price?
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In the past week, Dogecoin has lost 12.55% of its valuation. However, according to CoinMarketCap data, it has increased by 37.12% in the past month. The altcoin has seen a mild uptick against Bitcoin in the past hour, setting it up for a likely rebound.
With limited fundamentals, Dogecoin is being watched by traders on the market with expectations of progress related toDOGE ETF products. While spot crypto ETFs are awaiting the green light from the U.S. SEC, the coin's close ties to Litecoin and Bitcoin have increased its odds of securing approval.
