The crypto market was caught off guard by a recent reversal, as Dogecoin has seen its volume increase 50% as it looks to surge above the $0.11 mark. The asset is enjoying a rally that seemingly came out of nowhere. Now, the leading meme coin is looking to ride the increase to September highs.
The asset is barreling toward a key resistance level. Indeed, DOGE is set to face a notable turning point at $0.115 in the short term. If it is able to surpass the obstacle, it could pave the way for notable gains in the coming week. Specifically, as it would then target the $0.15 mark.
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DOGE Shocks the Market With 5% Surge in 24 Hours
The crypto market has been caught in a downturn since early August. That is clearly seen in the performance of Bitcoin over the last month. Its $55,000 value in recent weeks is a far cry from the $73,000 record mark reached in March. IT’s position atop the crypto market has left various tokens hoping for a turnaround soon.
Yet, one asset has enjoyed a massive surge seemingly out of nowhere. Indeed, Dogecoin has shocked the market with a 50% surge in its volume that has it now developing a path to $0.15. The asset is currently barreling toward $0.11, in which a significant resistance level will be waiting.
Also Read: Dogecoin (DOGE) Predicted To Hit 90 Cents: Here’s When
Over the last 24 hours, the token has increased more than 5.6%, according to CoinMarketCap. Moreover, it has surged more than 16% in the last seven days, currently trading at $0.107. Additionally, Coinglass data shows that the derivatives trading volume for the leading meme coin has already surpassed $1 billion.
That metric shows DOGE is already the ninth-largest asset in the derivatives market. The key point of contention will be the asset’s chance of breaking through $0.12. If it does, there could be an extended surge in its future. If not, it could languish a bit at its current level before succumbing to the momentum of a notable price movement.
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