Key Takeaways:
- DOGE trading volume jumped 116% to more than $1 billion in 24 hours
- Price fell 2.5% to $0.0768 despite the surge in market activity
- Long-to-short ratio on Binance exceeds 2, signaling bullish positioning
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Dogecoin volume surges 116% in 24 hours as traders eye $0.085 resistance
Dogecoin trading volume surged 116% to more than $1 billion in 24 hours as the memecoin's price fell 2.5% to $0.0768, CoinGecko data show.
"The divergence between rising volume and falling price suggests the market is preparing for a directional move," said Jason Wu, an on-chain analyst at Edgen. "The long-to-short ratio above 2 on Binance indicates most traders are betting on a recovery."
The volume spike came as DOGE traded 90% below its all-time high of $0.7376 set in May 2021. The token has lost 9% over the past week and 24% over the past month, according to CoinGecko. Across major exchanges, long-to-short ratios remained heavily skewed toward bullish positions, with Binance traders maintaining a ratio above 2 and OKX participants positioned even more aggressively on the long side.
The $0.085 area, where short-term resistance converges with moving averages, represents the first major hurdle for bulls. A breakout above that level could draw fresh speculative demand, while a failure to hold current support risks triggering further long liquidations. The broader crypto market remained in extreme fear, with the Crypto Fear and Greed Index at 18, as Bitcoin traded at $61,644 and Ethereum at $1,646.
The surge in Dogecoin activity also lifted trading across the memecoin sector, though most tokens remained under pressure as the broader market declined. The divergence between rising participation and falling prices will likely resolve in the coming sessions, with the direction of Bitcoin's next move serving as a key catalyst for the altcoin market.
This article is for informational purposes only and does not constitute investment advice.
