Over the last 24 hours, Dogecoin (DOGE) demonstrated notable strength, with its price rising by over 5%, suggesting the meme coin might have bottomed out after a sell-off phase. DOGE's price climbed from a low of $0.181 to nearly $0.196 before settling at approximately $0.1909, marking a 5.12% gain.
Trading volume surged by 72.5% to $1.29 billion, signaling increased investor interest and improving sentiment. Technical indicators, including easing Bollinger Bands and an oversold positioning, aided the recovery alongside a dramatic volume uptick, reflecting renewed confidence among traders. This bullish momentum aligns with a general positive trend in the cryptocurrency market, with Bitcoin also experiencing a price spike targeting the $110,000 level, potentially reinforcing DOGE's recovery.
Price charts showed DOGE approaching resistance from a descending trendline but breaking out of consolidation patterns, hinting at significant upside potential. On-chain data revealed $10.9 million worth of DOGE outflows from exchanges, often interpreted as accumulation by large holders reducing sell pressures on the market. Furthermore, strong long positions valued at over $27 million indicate bullish trader sentiment, although some short positions remain around higher price points.
These combined factors suggest that if DOGE sustains above the $0.19 price level, it could rally up to 32%, possibly reaching around $0.24. However, failure to maintain this level might result in continued consolidation. Overall, the meme coin appears to be on a steady path toward a breakout near $0.20, supported by both on-chain and technical signals.