Dog-themed cryptocurrency Dogecoin (DOGE) has crossed $1 billion in 24-hour trading volume. According to CoinMarketCap data, Dogecoin's trading volume came to $1.05 billion, marking a 46% jump in the past day.
Dogecoin's price has yet to fully reflect the volume rise; at press time, DOGE was up 1.68% in the past 24 hours, trading at $0.1782, signaling early signs of renewed buying pressure.
Dogecoin fell for five days at a stretch from a high of $0.206 on June 11, testing support at $0.17 on June 13 before mildly rebounding in Monday's session.
In a recent tweet, crypto analyst Ali highlighted an imminent move for Dogecoin: "DOGE prepares to rebound as the TD Sequential presents multiple buy signals on the 12-hour chart." In another tweet, Ali highlighted the $0.168 support as the key for Dogecoin to hold: "DOGE must hold above $0.168 to avoid a 30% price drop."
What's next?
Currently, analysts are watching the $0.20-$0.25 resistance zone, coinciding with the daily SMA 50 and 200, which has acted as a ceiling in recent weeks. A clear breach above this area could spark bullish momentum and propel DOGE toward the $0.43-$0.49 levels.
On the downside, failure to hold above $0.17 may result in short-term profit-taking. The next support level is $0.16; if broken, Dogecoin might fall to $0.14, where buyers are expected to move in. A robust bounce off the $0.14 level might keep the range-bound action going for a while longer.
The next trending move is expected to start with a break above $0.26 or below $0.14. If the $0.14 level cracks, Dogecoin may fall to $0.10. On the other hand, a break over $0.26 might propel Dogecoin to $0.38.
