Initially created as a joke altcoin, Dogecoin (DOGE) has made a significant breakthrough with a notable increase in trading volume. Data from CoinGlass reveals that Dogecoin’s trading volume surged by an impressive 47.62% in the last 24 hours, reaching $1.32 billion. This sudden increase in activity has led to optimism within the Dogecoin community.
Technical Indicators Point to a Bullish Trend
Currently, DOGE is trading at $0.1607, experiencing a slight 1.04% decline in the last 24 hours. However, despite this minor pullback, Dogecoin has seen a healthy 8.47% rise over the past 30 days. This rise indicates that Dogecoin is gaining momentum, and market fundamentals suggest that this positive trend may continue.
Moreover, various technical indicators support the bullish outlook for Dogecoin. The Relative Strength Index (RSI) for DOGE is at 50.94, placing it in the buying zone. This level indicates that investors are optimistic about Dogecoin’s prospects and that there is potential for upward movement before the asset reaches the overbought zone.
Additionally, Dogecoin’s price is currently trading above its 200-day Simple Moving Average (SMA) and 200-day Exponential Moving Average (EMA). These long-term moving averages are key indicators of market trends, and trading above them is generally seen as a strong bullish signal. This alignment further strengthens the positive sentiment surrounding the popular meme-inspired altcoin.
84% of Altcoin Investors Are in Profit
Beyond technical indicators, data from IntoTheBlock shows that a significant 84% of Dogecoin investors are in profit at current price levels. This high percentage of profitable investors indicates that the bullish momentum is continuing and that investors are holding onto their DOGE with expectations of future gains.
The increase in trading volume and positive market indicators for Dogecoin are part of a broader revival in the cryptocurrency market. Many altcoins have seen significant price increases, and DOGE is benefiting from this overall positive market sentiment with its strong community and growing acceptance.
