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The cryptocurrency market is recovering, with assets like Dogecoin (DOGE) rebounding from multi-month lows. Dogecoin price has jump By 12.67% within 24 hours, pushing the meme coin to a price of $0.3379. With the current on-chain data, there is more ahead for DOGE.
Dogecoin indicates further upside
Beyond the 24-hour price gains, Dogecoin recorded a 9.6% jump in trading volume, with more than $11.6 billion changed hands in a single day. This massive volume proves that there is enough liquidity to support the meme's trading volume, which represents a unique boost to the price rally.
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Over the past week, Dogecoin fell from a high of $0.4109 to a low of $0.27. While the Bitcoin correction was the only causative factor, DOGE has joined the list of altcoins that... He suffered the brunt. As the market enters recovery mode, the currency has not yet reached its weekly high, which represents enough room for growth.
On-chain indicators also point to intense activity within the DOGE ecosystem. Whale transactions, as seen on IntoTheBlock, show intense activity. This metric, which represents Dogecoin transactions worth at least $100,000, rose 41.12% to $23.35 billion.
With the massive embrace from this category of investors, the price is likely to recover quickly to cover last week's losses.
Key fundamentals to keep an eye on
To complement the growth in Dogecoin price, crucial fundamentals form a major backbone to monitor. There are hints that A Doji ETF It may become a reality amid the positive shift in the regulatory landscape in the United States
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While no asset manager has made this deposit, several experts have examined this possibility. Overall, DOGE remains Oversold Over different time frames, related sentiment around BTC retesting its all-time highs could lead to positive momentum for the meme coin.
Dogecoin may reclaim the $0.4 price mark in the short term if it flips the $0.35 resistance level as support.
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