DOGE Hits $1 Billion Volume With 46% Surge, Rebound Incoming?

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The popular dog-themed cryptocurrency, Dogecoin (DOGE), has seen a surge in trading activity, exceeding $1 billion in volume over the past 24 hours. Data from CoinMarketCap indicates a trading volume of $1.05 billion for Dogecoin, representing a significant 46% increase from the previous day.

While the price of Dogecoin hasn't fully mirrored this volume spike yet, it has shown positive movement. At the time of writing, DOGE is up by 1.68% in the last 24 hours, trading at $0.1782, suggesting a possible resurgence of buying interest.

Dogecoin experienced a five-day decline from a high of $0.206 on June 11th, testing support around $0.17 on June 13th before a slight recovery in Monday's trading session.

Crypto analyst Ali recently commented on Dogecoin's potential for a rebound, noting that the "TD Sequential presents multiple buy signals on the 12-hour chart." In a separate observation, Ali emphasized the importance of the $0.168 support level, stating that "DOGE must hold above $0.168 to avoid a 30% price drop."

Looking Ahead

Currently, market observers are focusing on the $0.20-$0.25 resistance zone, which aligns with the daily SMA 50 and 200. This zone has acted as a resistance level in recent weeks. Successfully breaking above this area could generate bullish momentum and potentially drive DOGE towards the $0.43-$0.49 range.

Conversely, failure to maintain a position above $0.17 could lead to short-term profit-taking. The next support level to watch is $0.16; a break below this level might see Dogecoin decline to $0.14, where buyers are anticipated to step in. A strong rebound from the $0.14 level could sustain the current range-bound trading pattern for an extended period.

The next significant trending move is anticipated to commence with a break either above $0.26 or below $0.14. If the $0.14 level is breached, Dogecoin could potentially fall to $0.10. Conversely, a break above $0.26 might propel Dogecoin towards $0.38.