Dogecoin (DOGE) has seen some positive movement in the last day despite the market onslaught. The meme coin was able to see more than 2.5% gains at a time when the majority of the crypto market was struggling price-wise. Currently, DOGE is still standing at a good short-term level but $0.1 remains the level to beat for the digital asset.
Dogecoin Gains Momentum
The last 24 hours have seen Dogecoin establish some much-needed momentum in the market. It saw an increase in its price in the early hours of Tuesday, which pushed the digital asset right above the $0.099 price level. DOGE has now continued to trend along this line for the better part of the morning, although the increased momentum shows that it may be able to maintain it for much longer.
During this time, the trading volume of Dogecoin had also risen to a peak above $600 million for the 24-hour period. This showed where the uptick in price had been generated from as well. It represented a 48% increase in trading volume, which was largely driven by whale transactions.
Accumulation has also been persistent for the digital asset as the market eagerly awaits more developments from Elon Musk’s takeover of Twitter. Likewise, the market cap of the meme coin was pushed towards $12 billion, enabling it to hold on to its spot as the 8th largest cryptocurrency by market cap.
Can DOGE Claim $0.1?
With the bear market, the price outlook for cryptocurrencies including Dogecoin has been adjusted. Instead, the level to beat for DOGE has now been moved to $0.1 where the bears continue to mount significant resistance. This makes DOGE’s recovery above $0.09 all the more important since it puts it one step closer to testing this critical level.
If DOGE were to successfully break above $0.1, it would put it comfortably above its 50-day moving average. Naturally, this would mark a bullish trend for the digital asset, even if just for the short term, and the next critical level would lie above $0.12.
DOGE’s most recent recovery has also turned indicators toward buy, especially in the short term. This means there is now support for the cryptocurrency at 0.08, which is expected to hold through the end of the week. If it doesn’t, then the next critical support lies at $0.075, a treacherous point for the digital asset given its previous performances.
DOGE is trading at $0.089 at the time of this writing. Although it is in the green on the daily chart, the meme coin is still down more than 10% in the last seven days.