Dogecoin (CRYPTO: DOGE) is surging late Sunday, on a broader market rally spurred by positive macroeconomic developments.
DOGE Sees High Buying Pressure
The world's most valuable meme coin spiked over 6% in the last 24 hours, with trading volume more than doubling to $1.87 billion.
In doing so, the token outperformed coins with significantly larger market capitalization, such as Bitcoin (CRYPTO: BTC) and XRP (CRYPTO: XRP), which rose only 3.15% and 1.52%, respectively.
Speculative interest in the dog-themed token heightened, with open interest in DOGE futures surging 9% over the last 24 hours.
Notably, nearly 70% of Binance traders with open DOGE positions were betting on its price increase, suggesting a bullish outlook.
See Also: Dogecoin (DOGE) Price Prediction 2025, 2026, 2030
A Rally To $0.33 Possible?
Widely followed cryptocurrency analyst and trader Ali Martinez labeled $0.18 as a key support for Dogecoin, defending which could push prices to $0.25 and $0.33, a potential 21% to 60% gain from current levels.
What Do Technical Indicators Say?
Meanwhile, the Moving Average Convergence Divergence indicator, which compares two exponential moving averages of an asset’s price, flashed a “Buy” signal for DOGE, according to TradingView.
The Bull Bear Power indicator, however, showed a “Neutral” reading, indicating a balance between buyers and sellers in the market.
DOGE’s spike comes alongside a broader rally in cryptocurrencies and stocks, spurred by the U.S. and China reaching a “preliminary consensus” on trade disputes, ahead of a meeting between President Donald Trump and Chinese counterpart Xi Jinping.
Price Action: At the time of writing, DOGE was exchanging hands at $0.2067, up 6.02% in the last 24 hours, according to data from Benzinga Pro.
Photo Courtesy:ihrinmoisuc on Shutterstock.com
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