The Dogecoin (DOGE) themed cryptocurrency has seen a 24-hour trading volume exceeding $1 billion. According to CoinMarketCap, Dogecoin's trading volume reached $1.05 billion, up 46% in the past day.
The price of Dogecoin has not fully reflected the increase in trading volume; as of the time of writing, Dogecoin has risen by 1.68% in the past 24 hours, trading at $0.1782, indicating that buying pressure has re-emerged.
Dogecoin has fallen for five consecutive days from a high of $0.206 on June 11, slightly rebounding during Monday's trading session after testing the support level of $0.17 on June 13.
In a recent tweet, cryptocurrency analyst Ali emphasized the upcoming trend of Dogecoin: "Dogecoin is ready to rebound as the TD sequence shows multiple buy signals on the 12-hour chart." In another tweet, Ali highlighted that the support level of $0.168 is crucial for Dogecoin: "Dogecoin must stay above $0.168 to avoid a price drop of 30%."
What's the next step?
Currently, analysts are focusing on the resistance level of $0.20-$0.25, which coincides with the 50 and 200-day moving averages that have been acting as resistance in recent weeks. A significant breakout above this resistance level could trigger bullish momentum and push Dogecoin's price up to $0.43-$0.49.
On the downside, failing to hold above $0.17 could lead to short-term profit-taking. The next support level is at $0.16; if broken, Dogecoin could drop to $0.14, where buyers are expected to step in. If there is a strong rebound from $0.14, range-bound fluctuations may continue for a while. The next wave of trend movements is expected to begin with a breakout above $0.26 or a drop below $0.14. If it breaks below $0.14, Dogecoin could fall to $0.10. On the other hand, a breakout above $0.26 could push Dogecoin up to $0.38.
