After several days of muted trading, Dogecoin">Dogecoin saw a sharp rise on August 29th that pushed its price up to $0.068. This surge was driven by positive developments in the broader crypto market. Dogecoin rallied along with other cryptocurrencies following a major legal victory for Grayscale Investments over the Securities and Exchange Commission.
Additionally, the news that social media platform X (formerly Twitter) obtained a license to provide payment services in Rhode Island likely boosted optimism among Dogecoin holders. With licenses now in 7 states, X could eventually integrate DOGE payments into its platform.
Likely sensing an opportunity, traders jumped in to capitalize on the increased volatility, pushing Dogecoin’s 24-hour trading volume up a staggering 230%. Though high trading volumes may reflect investor interest, some argue it is an unreliable metric.
At the time of writing, Dogecoin had pared back some gains but was still slightly up over the last 24 hours at around $0.068. To confirm an uptrend, DOGE would need to break above its 50-day and 200-day moving averages at $0.07 and $0.074. On the downside, support levels sit at $0.056 and $0.06.
In summary, Dogecoin saw a brief spike driven by positive market developments and speculation over increased utility, leading to a massive uptick in trading volume. However, DOGE remains range bound between key support and resistance levels for now.
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