In a market marked by heightened volatility, Dogecoin (DOGE) has recently experienced an 8.46% price correction, falling to $0.2356 after reaching a 24-hour high of approximately $0.2664. This shift resulted in over $5 billion being wiped from its market capitalization now standing at $35.39 billion. However, despite this downturn, market observers indicate that DOGE may be positioned for a strong rebound, with some projections targeting a potential move back toward the $0.70 level. The sharp increase in trading volume, which rose by 79% to $5.5 billion, highlights continued investor interest and signals that DOGE may be entering a consolidation phase before its next major price movement.
(Source: CMC )
Increased Trading Activity Suggests DOGE May Be Poised for Recovery
The recent downward trajectory in DOGE's value has been accompanied by increased market activity, indicating that the current correction may not signal a long term downtrend. The consistent rise in trading volume suggests that both selling pressure and strategic accumulation are underway. Historically, Dogecoin has demonstrated price resilience following steep drops and the current pattern is raising expectations for a renewed push toward higher price levels.
Sharing a circulating and total supply of 150.22 billion DOGE, the asset remains a leading one among leading meme-based assets. Observers also keep an eye on the price structure and order book of DOGE, which, according to them, is quite likely to come back to the price range of $0.70, especially when the overall market sentiment turns positive if the technical resistance points are broken.
The profile score of DOGE (61%) also supports the status of this coin as a watchlist token among the investors who study the high-volume asset with sentiment-prone performance. In case of a favorable macroeconomic state or other on-chain indicators of success, the digital asset can initiate a new bull cycle according to the previous bull markets.
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