Dogecoin (DOGE) Trading Volume Spikes as Price Reaches $0.17

Dogecoin price is up nearly 8% in the last 24 hours as the crypto market saw a rebound in the early Tuesday session, with the majority of digital assets in the green.

What Happened: Dog-themed cryptocurrency Dogecoin (CRYPTO: DOGE) has seen increased activity in the last 24 hours, with its trading volume surpassing $1.19 billion, according to CoinMarketCap data.

The crypto market is currently seeing a rebound in the early Tuesday session, with the majority of digital assets in the green. Positive sentiment is returning to the crypto market. Cryptocurrency exchange-traded products (ETPs) witnessed modest inflows of $226 million last week, CoinShares reported on March 31.

Traders are still in the "risk-off" mode in the near term, but a slight positive is that lower prices are attracting buyers.

Dogecoin has benefited from the positive sentiment, up nearly 8% in the last 24 hours. As of Tuesday morning, Dogecoin’s price stands at $0.173, reflecting a 7.65% rise within the last day. This upward movement aligns with renewed investor interest in the cryptocurrency market, with major assets showing similar gains.

Dogecoin has seen an increase of 19% in its trading volume to reach $1.19 billion as traders capitalize on recent market trends.

Dogecoin Price Action: After four consecutive days of declines, Dogecoin touched a low of $0.16 on Friday, March 31, as bulls initiated a recovery effort.

The comeback continued in the early Tuesday session, with Dogecoin reaching a high of $0.175.

Dogecoin is approaching the 50-day moving average of $0.19.

Buyers will need to exert effort to push and sustain the price above the $0.20 resistance. Reaching and holding above this level may signal that Dogecoin has encountered a bottom at $0.16. From there, a move to $0.24 is anticipated.

If Dogecoin experiences a downturn from its present levels, it may test the support at $0.16 again.

Further declines might propel Dogecoin to reach the $0.14 zone, where buyers are likely to intervene. Any bounce from $0.14 is predicted to trigger selling at the 200-day moving average or the 20-day moving average. If the price fails to sustain above these moving averages, it increases the probability of a breakthrough below $0.14. In that scenario, Dogecoin could plummet to test the $0.10 mark.