Dogecoin (DOGE), the leading meme coin, has offered a glimmer of hope to its holders in a week dominated by bearish sentiment across the cryptocurrency market. While the broader meme coin sector witnessed a 7.5% drop in total market cap within the last 24 hours, according to CoinMarketCap, DOGE managed to defy the trend in one crucial metric: trading volume.

Data from CoinGlass revealed a staggering 186.54% surge in Dogecoin’s trading volume, reaching a total of $1.37 billion. This significant increase suggests that traders haven’t abandoned DOGE altogether. Despite the current bearish price trend, some crypto traders appear to be accumulating DOGE at these lower price points.

This renewed interest in Dogecoin could potentially translate into long-term price momentum. Meme coins are particularly reliant on strong community support, and this recent surge in trading activity could be the catalyst for a price rebound from its current levels.

Current Dogecoin Price Scenario

At the time of writing, DOGE is trading at $0.1175, reflecting a 6.18% decline in the last 24 hours and a 25.48% drop over the past month. This highlights the recent struggles of the meme coin, which has been unable to gain significant traction.

Technical indicators also paint a somewhat concerning picture for DOGE. TradingView data shows the coin trading below its major moving averages, suggesting a potential downward trend. However, a faint glimmer of optimism exists. The coin’s Relative Strength Index (RSI) sits at 28.15, which indicates an oversold market situation. This could lead to a short-term price increase.

When combined with the rise in trading volume, Dogecoin might be poised for a period of increased momentum. However, it’s important to remember that the cryptocurrency market remains volatile, and investors should conduct their own research before making any investment decisions.

By Joadin Maina

Beyond the hype, I untangle the web3 revolution, guiding curious minds through the labyrinth of decentralized possibilities.