Dogecoin

bullish

Momentum

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<p dir="ltr">Dogecoin (DOGE) is showing an intriguing growth trend but with some conflicting metrics. Data from CoinMarketCap&nbsp;<a href="https://coinmarketcap.com/currencies/dogecoin/">pegs</a> the 24-hour growth rate of Dogecoin at 3.42%, with the price pegged at $0.1342. This growth marks a major deviation from the bearish trends over the past week, where the coin has dropped by more than 2% in a highly volatile week for the markets.</p>
<img data-entity-type="file" data-entity-uuid="390b20e5-dd26-4524-9b41-1de149fc4ee2" src="https://u.today/sites/default/files/inline-images/DOGE_1D_graph_coinmarketcap%20%2812%29.jpeg"><a href="https://coinmarketcap.com/currencies/dogecoin/">DOGE 1D Chart. Source: CoinMarketCap</a>
<h2 id="dogecoin-traders-ambitiously-cautious">Dogecoin traders ambitiously cautious</h2>
<p dir="ltr">Dogecoin is looking to retest some of its lost valuation. Over the past month, the coin traded as high as $0.1431, and the&nbsp;<a href="https://u.today/dogecoin-doge-sees-massive-146-surge-in-key-metric-details">current momentum</a> is in a bid to catch up with this milestone and potentially surpass it.</p>
<p dir="ltr">The efforts appear to be paying off now, considering the price of Bitcoin (BTC) is in rebound mode and might retest $70,000 soon. Dogecoin is maintaining a bullish correlation with Bitcoin, helping to drive the price upward. However, the twist lies in the trading volume, which is not moving in a commensurate manner.</p>
<p dir="ltr">As of writing time, data from CoinMarketCap pegs the DOGE volume at $829,328,876, down by more than 32%. With this bearish twist, core traders of the digital currency might still be cautious about trading it, considering volatility could switch sides easily.</p>
<h2 id="signs-uptrend-might-pick-momentum">Signs uptrend might pick momentum</h2>
<p dir="ltr">Despite the low trading volume, individual bets on Dogecoin are growing per earlier reports from U.Today. Recently, more than $1.1 billion in DOGE were&nbsp;<a href="https://u.today/11-billion-of-dogecoin-in-24-hours-heres-whats-going-on">shifted</a> in 24 hours, underscoring the wide embrace of the coin by large buyers.</p>
<p dir="ltr">Beyond whale sentiment, Dogecoin developers are trying to bring enhanced utility to the protocol. From the confirmation of the&nbsp;<a href="https://u.today/dogecoin-developers-issue-crucial-ordinals-update">expansion of Doginals</a> to the expectation of more mainstream integrations for DOGE, the meme coin ecosystem is growing at a very fast pace.</p>
<p dir="ltr">Overall, Dogecoin has what it takes to retest not just its monthly high but the $0.2 target in the near future.</p>

Dogecoin (DOGE) Sets Ambitious Growth Track, But There's One Twist

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Andre artikler udgivet 29. jul. 2024

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