Dogecoin’s price climbed 21% to $0.117, up from $0.096, as trading volume spiked 191% to $2.87 billion. Transaction volume also saw a sharp rise, showing increased market activity. On Sunday, the momentum persisted as Dogecoin reached an intraday high of $0.117, reflecting a 21% increase from the previous day’s low of $0.096.
This price increase came alongside a dramatic 191% spike in trading volume, which surged to $2.87 billion according to CoinMarketCap. The hourly chart formed a golden cross, pointing to potential upward movement in the near term. A golden cross pattern on the hourly chart provided further confirmation of the price rally.
This pattern occurs when the 50-period moving average (MA) crosses above the 200-period MA, signaling a positive short-term price trend. The price jump in Dogecoin follows a broader recovery in the crypto market, supported by a better-than-expected Consumer Price Index (CPI) report. The report boosted expectations of potential interest rate cuts from the Federal Reserve, benefiting risk assets such as cryptocurrencies.
This technical signal, combined with the price rebound, reinforces the optimistic outlook for Dogecoin in the near future. Investors have shown increased interest in Dogecoin as the broader cryptocurrency market enjoys a period of positive price action. The significant increase in open interest, which rose 25% to $1.31 billion in the last 24 hours, suggests that more investors are positioning themselves for further potential gains in Dogecoin.
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