Key Insights
- Dogecoin trading volume surged by 1,023% on OKX in one hour, signaling sudden buying interest from large holders.
- The price rebounded from $0.188 to $0.204, with bulls eyeing $0.21 as the next resistance zone near the 200-day SMA.
- DOGE consolidates between $0.19 and $0.2099, with the daily RSI at 44, suggesting neutral sentiment among traders.
Dogecoin experienced a notable shift in trading activity after data from CoinGlass revealed a 1,023% surge in its hourly trading volume on the OKX exchange. The sudden increase in volume pointed to aggressive accumulation, potentially driven by large investors amid a short-term rebound in DOGE’s price.
The rally followed a significant decline in Dogecoin’s value last week, which saw the token fall to a low of $0.188 on Sunday. During early Monday trading, DOGE bounced back to reach an intraday high of $0.204, marking a 2.47% daily gain and extending its recovery trend. The surge in buying pressure coincided with the upward movement, indicating renewed interest among traders.
Resistance Builds Near $0.21 With Key SMAs in Play
The current price movement placed DOGE between two critical moving averages, with the 50-day SMA offering short-term support at $0.19 and the 200-day SMA forming resistance around $0.2099. The $0.21 level also acts as a psychological barrier for bulls. Although buyers attempted to push past $0.204, sellers rejected the move, and volume began to ease after the initial spike.
Dogecoin’s daily relative strength index rose to 44, showing mild improvement but still suggesting bearish undertones. The token remains in a phase of consolidation as traders wait for a clear breakout. Market momentum is expected to stay neutral unless DOGE decisively moves above the $0.21 resistance or below the $0.19 support level.
Market Watches for Breakout or Breakdown Ahead
In the broader outlook, DOGE may fluctuate between its key SMAs in the near term. A successful move above the $0.21 mark could bring the $0.248 to $0.287 range back into focus. However, a decline below $0.19 might prompt a pullback toward $0.14. Current trading behavior reflects cautious optimism, with both bulls and bears closely watching the price action.
