Binance, the largest cryptocurrency exchange, is experiencing relatively intense Dogecoin (DOGE) trading activities. The meme coin’s trading volume on the exchange jumped 12% to reach a staggering 648,235,545 DOGE in the last 24 hours as market participants traded the asset.
DOGE bounces back from recent lows
CoinMarketCap data shows this spike in interest is coming as DOGE begins a climb from the $0.17 support level. Dogecoin has witnessed severe fluctuations within the last seven days, with the price plummeting as low as $0.1455.
Related
Thu, 03/13/2025 - 14:08 Dogecoin Makes Bullish U-Turn: First Reversal Signal Spotted
Tomiwabold Olajide
However, DOGE has registered a significant recovery and looks likely to begin a rally. Notably, the token is inching closer to key resistance levels, which, in previous cycles, signaled a breakout in price.
Based on historical precedent, some analysts consider the current development to be a case of DOGE going through an accumulation phase. They see this as a "buy opportunity" for investors before the price soars, which might account for the massive activity witnessed on Binance.
According to CoinMarketCap data, the DOGE price was trading at $0.1747, representing a 2.71% increase in the past 24 hours.
Although prices remain about 31% lower than 30 days ago at $0.2563, analysts are making positive projections. Notably, if DOGE support holds and it climbs to $0.20, they anticipate it could rally to $2.70.
Is Binance trading surge a buy signal?
This bold optimism relies on the average price performance of DOGE in the last 11 years. Notably, DOGE has only recorded less than 0.5% growth in March.
Related
Wed, 03/12/2025 - 10:35 8.42 Billion Dogecoin (DOGE) Stun Futures Traders
Godfrey Benjamin
However, the meme coin followed this with a huge spike of 68.2% in April. Cryptorank figures signal this growth is likely if history repeats itself.
Market observers opine that the intense trading activity on the largest crypto exchange might rely on this data. Market participants are taking advantage of the low price to accumulate and betting on a price rally in April if the market cycle repeats.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
