Dogecoin [DOGE] Buyers Make a Strong Comeback, Driving Prices Higher

Recently, there has been a strong comeback from Dogecoin [DOGE] buyers over the past day.

After declining to a two-week low of $0.160, investors have returned to buy the dip, which has played a vital role in driving DOGE prices higher.

In fact, as of press time, Dogecoin was trading at $0.174, marking a 7.30% increase in the 24-hour timeframe.

This buying spree began after a period of selling pressure that pushed the memecoin down to a two-week low on Tuesday.

During the same period, Dogecoin’s derivatives experienced significant growth. Options volume increased by 84.21%, while Options Open Interest (OI) rose by 8% to $804k.

Additionally, the memecoin’s rading volume surged by 22%, reaching $1.22 billion, and OI climbed 7.23% to $1.67 billion.

Before these gains, Dogecoin had been on a downward trend, declining by 5.45% weekly and 15.5% monthly. The question remains whether Dogecoin can maintain this momentum and reach higher resistance levels.

Can Dogecoin maintain its recent gains?

AMBCrypto’s analysis indicates a surge in demand for Dogecoin as buyers re-enter the market.

The memecoin’s price charts reveal a bullish crossover on its Relative Strength Index (RSI). This crossover supports the observation that buyers have regained control of the market.

When the RSI rises and makes a bullish crossover, it signals that buyers are dominating the market, surpassing sellers in strength.

Image: Tradingview

The dominance of buyers is confirmed by the positive order imbalance, indicating more buy orders than sell orders.

This market behavior showcases strong bullish sentiment, as investors see current rates as favorable for acquiring the