Dogecoin (DOGE) Jumps 12%, Data Shows More Rally Ahead
2024-12-21
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The crypto market is recovering, with assets like Dogecoin DOGEUSD bouncing back from multi-month lows. The Dogecoin price has jumped by 12.67% in 24 hours, pushing the meme coin to the $0.3379 price mark. With current on-chain data, there is more ahead for DOGE.
Dogecoin signals more uptrend
Beyond the 24-hour price gain, Dogecoin has recorded a 9.6% jump in trading volume, with more than $11.6 billion shuffled in one day. This massive volume proves there’s enough liquidity to power the meme coin’s trading volume, a unique boost for a price rally.
Over the past week, Dogecoin dropped from a high of $0.4109 to as low as $0.27. While Bitcoin’s correction was the only causative factor, DOGE joined the list of altcoins that suffered the brunt. With the market in recovery mode, the coin has yet to reach its weekly high, marking enough room for growth.
On-chain indicators also hint at intense activity within the DOGE ecosystem. Whale transactions, as seen on IntoTheBlock, show intense activities. This metric, accounting for Dogecoin transactions worth at least $100,000, skyrocketed by 41.12% to $23.35 billion.
With massive embrace from this class of investors, chances are the price will recover swiftly to cover the past week's losses.
Key fundamentals to watch
To complement the growth in the price of Dogecoin, crucial fundamentals form a major backbone to watch. There are insinuations that a DOGE ETF might become a reality amid the positive shift in the regulatory landscape in the U.S.
While no asset manager has made a push for this filing, many experts have weighed the possibility. In all, DOGE remains oversold on different timescales, and related sentiments around BTC retesting its all-time high can drive positive momentum for the meme coin.
Dogecoin might reclaim the $0.4 price mark in the short term if it flips the $0.35 resistance as support.