Dogecoin (DOGE) has seen a strong rebound over the last 24 hours, gaining 4.18% to trade at $0.2201. The meme coin, ranked eighth in the crypto market, added more than $1.3 billion to its market cap, now standing at $33.17 billion.
Despite a notable surge in price, trading volume dropped 26.36%, with only $2.18 billion exchanged in the past day. This contrast suggests traders may be holding their positions instead of rotating funds out of DOGE.
Price Movement in the Last 24 Hours
DOGE began the session near $0.2105, briefly testing support at $0.2095 before bouncing higher. A sharp spike pushed the token past $0.215, and momentum carried it to an intraday peak of $0.223. Although DOGE faced some selling pressure afterward, the token held firm above $0.217 and closed back near the $0.22 mark.
24-hour price chart Source: CoinMarketCap
This steady climb highlights renewed buying interest. Market sentiment appears optimistic, with bulls defending support levels aggressively.
Key Market Indicators
Dogecoin’s volume-to-market cap ratio stands at 6.58%, pointing to a healthy but cautious trading environment. The circulating supply remains at 150.69 billion DOGE, with no maximum supply cap, a factor that often fuels debates about its long-term scarcity.
Related article: Dogecoin Sees $208M Transfer to Binance Amid Market Volatility
From a historical perspective, DOGE is still far below its all-time high of $0.7376 set on May 8, 2021, a massive 70% decline from current levels. However, long-term holders may find encouragement in its astronomical recovery from the all-time low of $0.00008547 in 2015, representing a staggering +257,329% gain.
If Dogecoin sustains momentum above $0.22, a push toward the next resistance at $0.23 seems likely. A clean breakout could invite fresh bullish flows, possibly setting the stage for a rally toward $0.25. However, any dip below $0.215 may put pressure back on the support at $0.21.
Dogecoin’s 4% daily surge shows that traders still favor the meme-inspired cryptocurrency during market swings. With solid support levels holding, short-term traders are keeping a close watch for the next breakout move.
