Dogecoin’s 53,000% Surge Shows Renewed Interest, | Crypto News
Dogecoin has seen a vital surge in its futures trading quantity, indicating renewed curiosity among buyers. However, the DOGE price is still lagging, hovering just above the psychological $0.10 degree, amid the broader crypto market downtrend.
Dogecoin Sees 53,000% Surge In Futures Trading Volume
CoinGlass data exhibits that Dogecoin’s futures trading quantity surged as a lot as 53,000% on BitMEX, reaching just over $260 million in the method. The top meme coin has also seen its futures trading quantity on other major exchanges such as Kraken, Binance, and Bybit surge over the last 24 hours, offering a bullish outlook for DOGE. This has led to a 10% surge in the trading quantity across all exchanges, reaching $2.6 billion.
Related Reading: Dogecoin Reclaiming $0.128 Support Could Signal The Perfect Chance For Long Positions
Notably, the Dogecoin long/short ratio has elevated to 0.9 in the last 24 hours, indicating that more merchants are betting on a potential DOGE price increase. Meanwhile, the long/short ratio on Binance is at 2, suggesting that most Binance merchants stay bullish on the foremost meme coin. This development comes as the crypto market anticipates a potential ‘Santa rally’ to end the yr.
This might present some aid for Dogecoin, which has been on a large downtrend since the October 10 crash. The meme coin is now down over 58% year-to-date (YTD). The DOGE price has also continued to lag despite the surge in futures trading quantity. The meme coin continues to mirror Bitcoin’s price motion, with the flagship crypto at present struggling to climb above $90,000.
The DOGE price has also lagged due to the disappointing launch of the Dogecoin ETFs. SoSo Value data exhibits that the funds continue to fail to log web inflows, recording zero flows over the last eight trading days. The trading quantity for these funds has also been low during this period.
What’s Next For The DOGE Price?
In an X post, crypto analyst Kevin Capital acknowledged that a reclaim of $0.138 for the DOGE price on the 3-day to 1-week close would put it back above the macro .382 and the 200-week SMA. The analyst famous that this can be a major constructive and probably align with the Bitcoin price reclaiming the $88,000 to $91,000 zone, which wants to occur.
Kevin Capital additional revealed that in the meantime, the DOGE price continues to commerce around this “DCA” zone. Analyzing the 2-week chart, crypto analyst Trader Tardigrade acknowledged that Dogecoin appears to be approaching the end of the pre-surge section. His accompanying chart confirmed that the meme coin might still rally to $6 when the parabolic surge begins.
At the time of writing, the Dogecoin price is trading at around $0.13, down in the last 24 hours, according to data from CoinMarketCap.
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