Dog-themed cryptocurrency Dogecoin (DOGE) has seen an increase in trading activity

Crypto traders are piling back into meme cryptocurrency Dogecoin (CRYPTO: DOGE), boosting the coin’s 24-hour trading volume by a massive 80% to $850 million, according to CoinMarketCap data.

This increase in volume comes as DOGE also saw its price rise over the last 24 hours. At press time, DOGE was trading at $0.1617, up 5.07%.

Cryptocurrencies rose on Monday, signaling increased investor confidence as the market showed signs of stabilization. BTC surged past $87,000 in the Asian morning hours, while popular cryptocurrencies such as Dogecoin saw gains. The increase reversed some of the losses from the weekend.

After three days of gains, Dogecoin saw profit-taking over the weekend before recovering early Monday. Dogecoin rose from a low of $0.155 to $0.162 early Monday.

What's next?

The daily RSI is approaching the mid-50s, indicating selling pressure and potential consolidation. Sellers might need to push the price above the 50-day SMA at $0.17 to gain an advantage. Dogecoin might rise to $0.20, which is a key level to watch as a break above could complete a double bottom pattern.

Conversely, a break and close below the $0.14 support could signal the start of the next leg of the downtrend. Dogecoin might then fall to $0.10.

Dogecoin community stays active

Dogecoiners around the world recently celebrated “Dogeday” on April 20, which is an unofficial holiday for the Dogecoin community. It gained popularity among the dog coin community four years ago, in 2021.

The Dogecoin community is closely following the U.S. Securities and Exchange Commission as it considers DOGE-related ETF applications.

There are four Dogecoin ETF files awaiting approval: Bitwise Dogecoin ETF, Grayscale Dogecoin ETF, 21Shares Dogecoin ETF and Osprey Fund Dogecoin ETF. Grayscale’s ETF application is set for a response on May 21, after the SEC pushed back its decision on other crypto ETF filings.