 of $0.00008547. This ATL was set nine years ago. However, it remained 85%){kind=link}
- DOGE price has advanced by 72% in the last 1 year.
- The price volatility of the Dogecoin was medium.
Dogecoin is showing signs of life! Despite declining behavior, the DOGE price has reached significant levels.
The higher short liquidations suggested buyers are stepping in and might set the stage for the bullish trend. So, let’s dive in and explore what’s causing this sudden market shake-up.
DOGE Price Shines with Strong Security
DOGE crypto’s security score, as rated by Certik Skynet, stood at an impressive 86.96. This placed it in the AA tier for security. Its global security ranking of #218 reflects this strong rating. This positioned it within the top 10 percentile for security among cryptocurrencies.
As the 8th largest cryptocurrency, Dogecoin boasts a market cap of $15.511 Billion with a market cap dominance of 0.75%. It highlighted the token’s strong presence within the global crypto market.
In the last 24 hours, Dogecoin’s traded volume has increased by 4.3%, reflecting growing demand. At the same time, the token’s total traded value reached $523.485 Million. This accounted for 3.7% of its market cap, indicating moderate liquidity.
From a historical perspective, the DOGE price has surged by 124,250% from its all-time low (ATL) of $0.00008547. This ATL was set nine years ago. However, it remained 85% below its all-time high. That indicated both the token’s growth potential and the scale of its correction from peak levels.
DOGE Crypto Derivatives Data Indicate Buyers’ Dominance
The derivatives trading volume for the DOGE crypto reached $826.69 Million. It marked a 9.15% surge in the last 24 hours. This increase highlighted a growing demand for the token among investors.
In tandem with the rise in the traded volume, the token’s open interest saw a 9.10% increase. It amounts to $506.87 Million. This indicated a greater number of open positions in the market, reflecting heightened trading activity.
Additionally, many long positions, valued at $381.13K, were liquidated during this period. However, the short liquidations were higher, totaling $556.64K. This trend underscored the buyers’ dominance in the Dogecoin price movement over the last 24 hours.
Significant Movement in Dogecoin Price: What Levels To Watch?
The DOGE price was traded in a strong downtrend, followed by a consistent decline in price over the last five months. It formed a swing high of $0.22899 on March 28, 2024. Since then, the price has witnessed strong profit bookings and could not break the following.
The DOGE crypto price broke out above the falling wedge at press time, followed by a bullish candle formation. This exhibited a possibility of a bullish reversal in the token price.
If the DOGE price continues to surge to a higher level, it might continue to advance to higher levels.
Are Technical Indicators Of Dogecoin Also Heading Towards A Bull Rally?
The 20-day and the 50-day EMAs have traded in a death cross on the daily chart. The Dogecoin price was further traded between both EMAs. Additionally, the 50-day and the 200-day EMAs traded in a death cross, exhibiting a bearish outlook in the coin’s price.
DOGE/USD Chart by TradingView.com
The MACD and the signal line have also traded in a golden cross. At the same time, both the metrics traded in a negative trajectory. This showed an uncertain behavior in the DOGE price.
The RSI against this advanced above the 50-level and broke out above the 14-day SMA. It showed a rise in the coin’s price and bullish sentiment.
The support levels for the DOGE coin are $0.0570 and $0.810, followed by the resistance levels of $0.140 and $0.220.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
Dr. Naveen Singh is an entrepreneur with achievements in sports, academics, healthcare, innovation, blockchain technology, telecommunications, and philanthropy. He is the Co-Founder and Chief Executive Officer (CEO) of Inery, the first layer-1 blockchain programmed for database management. With Inery, he aligns with his vision of a new paradigm for data to empower web3 and complete decentralization.