Dogecoin ($DOGE ) Breaks Out With Strong Volume Surge
Dogecoin (DOGE) has turned out to be one of the bright financial outcomes among large altcoins. It was just a short period of time that the asset soared up in price relative to the previous level around the end of the month of July 20 this year, at the price around the level of the equivalent of the US dollar from 0.25 to approximately 0.278. The price action was coupled with a considerably large upsurge in the trading volume, which was indicative of immense buyer taste and momentum.
After the sudden boost in the price, DOGE reached a period of consolidation. Its current price is about 0.2679, yet it remains above its 20-period volume-weighted average price. This indicates that the technical breakout has been holding, and the short-term resistance between 0.27 and 0.278 may prevent continued upside without further volume strength.
The price above the auspicious support level, that is, at $0.26, will be important towards the current momentum. A fall beneath that level may be a pointer of a possible short-term correction, especially when done on lower volume. Conversely, powerful demand conditions might result in the second testing of the upper resistance zone.