With 4th largest daily volumes, Elon Musk’s favorite Dogecoin surges by 29% in 24 hours

Elon Musk's favorite Dogecoin surges by 25% in 24 hours with 4th largest crypto spot volume
“Shiba Inu Kazumi” by blumenbiene is licensed under CC BY 2.0
  • DOGE/USDT pair logged 29% gains in just 24 hours
  • Spot volumes remain just below Bitcoin, Ethereum, and USDT
  • Binance’s USDT pair accounts for 25% of the daily trading volume

JAIPUR (Coinchapater.com) – Dogecoin bulls went ‘bhow bhow’ on Saturday without the blessings (read tweets) of Dogefather Musk for a change. “$DOGE @ $0.25 with no Elon”, said Gokhshtein Media founder David Gokhshtein.

Within a 24 hour window, the DOGE/USDT spot pair charted near 30% gains leaving smiles across the community of investors “invested” in the meme coin. The meme cryptocurrency tapped above the $0.263 resistance with the said move, which restricted recoveries and upside move since June 29.

DOGE’s Falcon-like liftoff comes on the back of bottoming calls by analysts.

Who Let The DOGEs Out?

Reports say that Elon Musk’s favorite crypto-asset posted the 4th highest daily trading volume during its “gravity-defying flight” from the $0.2 low to the local high at $0.28 Sunday.

Related: The Elon Musk-led Dogecoin rally returns as DOGE jumps 15%

Only Bitcoin, Ethereum, and Tether (USDT) preceded the first Shiba Inu dog-themed crypto asset in daily trading volumes. Although DOGE’s 24h volume is significantly lower than those on the top 3, it’s the highest amongst all other altcoins.

Binance users are responsible for contributing to 25% of Dogecoin’s 24-hour volumes. Data from CoinGecko shows that DOGE/USDT traders on the top cryptocurrency exchange are contributing approximately $1.76 billion of the total $7 billion volume figure.

But then the exhilaration and euphoria are showing signs of waning.

Related: Dogecoin dodges bullish breakout hopes, now eyes 40% dip—here’s why

Overbought

Overbought signs abound on the 4-hour DOGE/USDT chart. Buoyed by over-enthusiastic buying pressure, the pair’s relative strength index (RSI) reading shot to 82.49. Consequentially, bears showed up en-masse to sell the top. And book profits.

DOGE is hovering comfortably over the 20-day exponential moving average (EMA), But a retraction back to the $0.24 and $0.23 price levels is very much on the cards if the bulls fail to keep the momentum up. A sharp selloff could push prices down to $0.21 (coincides with 50-day MA) as well.

If bulls maintain their hold, Dogecoin could fly to $0.34
If bulls maintain their hold, Dogecoin could fly to $0.34, Source: DOGEUSDT on TradingView.com

In the continuation of the bullish pressure scenario, the DOGE/USDT pair stands to reclaim $0.34 back again. But until a close above $0.28 happens, sniff carefully and place your bets, homies. Happy Sunday!

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