Dogecoin (CRYPTO: DOGE) capped an otherwise underwhelming week on a high, rallying alongside the broader cryptocurrency market on Sunday.
Dogecoin Pares Losses
The world’s largest meme coin rose 2% in the last 24 hours, in line with other large-cap cryptocurrencies. DOGE's trading volume jumped 41%, suggesting high liquidity and trader interest.
Derivatives traders became excited, with open interest in DOGE futures increasing 1.35% over the last 24 hours to $3.90 billion, according to Coinglass.
Moreover, about 75% of all Binance traders with open DOGE positions were long as of this writing.
The latest spike erased some of the downsides from last week, when the meme behemoth lost 3.35% of its value. Over the month, DOGE was up 7.06%.
See Also: Bitcoin Flat As Fed Policy Meet Looms; Ethereum, Dogecoin, XRP Decline: Analyst Flags Support Where They Plan To ‘Load Heavily' On ETH
Upside Or Downside Breakout?
Widely followed cryptocurrency analyst and trader Marcus Corvinus said that DOGE was at the "make-or-break zone."
"Support at $0.23 is holding strong inside the ascending channel. If buyers step in here, I'm looking for a clean retest at 0.28, and if momentum kicks in, the real breakout target sits around $0.43," the analyst predicted.
On the contrary, they forecast that a drop below $0.22 could trigger a decline to $0.17-$0.15.
The Moving Average Convergence Divergence indicator, which compares two exponential moving averages of an asset's price, flashed a "Sell" signal for DOGE, according to TradingView.
The Stochastic RSI, a technical indicator measuring Relative Strength Index strength, suggested a "Buy."
Price Action: At the time of writing, DOGE was exchanging hands at $0.2318, up 1.99% in the last 24 hours, according to data from Benzinga Pro.
Photo Courtesy:ihrinmoisuc on Shutterstock.com
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