Dogecoin (DOGE) Receives Price Boost as Bulls Rally to Keep the Asset from Falling Below Critical Support

Dogecoin (DOGE) price has seen a decent boost as it seems bulls are rallying to keep the asset from falling below critical support. In the last 24 hours, Dogecoin increased by a significant 4% against Bitcoin (BTC), pushing the price to a daily peak of $0.2303.

What happened to Dogecoin price?

As per CoinMarketCap data, DOGE rallied from $0.2189 to print higher highs on the crypto market. This signals higher price growth than Bitcoin, the leading digital asset, within the same period.

Despite always mirroring Bitcoin on the broader crypto market, DOGE outpaced BTC by almost 2%. Within the same period, Bitcoin managed 2.02% price growth to stay below the $110,000 level. Its brief rise above this level did not last as it faced temporary rejection.

Though Dogecoin suffered a similar fate at $0.23, the meme coin’s bulls have kept it stable as of press time. It appears that DOGE is in reset mode and is likely to bounce upward if the ecosystem supports it.

As of press time, the DOGE price was trading at $0.2255 after a slight decrease, possibly because of its drop in volume. It seems that participants pulled back as the trading volume decreased by 5.83% to $1.29 billion.

Is Dogecoin’s $0.30 price target in sight?

The 4% price increase signals a positive development for Dogecoin, which suffered a 157% liquidation imbalance over the weekend when its price was reset. On this occasion, long position traders recorded a loss of $13.72 million, as the total liquidations stood at $15.83 million.

With the price experiencing sideways movement, Dogecoin could print higher levels if the buying activities in the ecosystem soar, as the trading volume may show.

The DOGE’s recent 40% volume spike catalyzed the bullish rally seen by the meme coin. An increase in trading activity might help Dogecoin push toward the $0.30 price target in the short term.