Dogecoin Surges 6% in 24 Hours: Is $0.20 Within Reach?

Dogecoin (DOGE) is making waves again. Over the past 24 hours, DOGE jumped by 6.42%, pushing its price to $0.1819. Starting from a low of $0.1703, the coin peaked at $0.1845 before settling around the current level. This uptick signals renewed interest in the meme-based asset, especially after weeks of sideways movement.

The surge wasn’t just in price. Dogecoin’s market cap also swelled to $27.11 billion, up 6.43%, making it the 8th largest crypto by market capitalization. However, 24-hour trading volume dropped sharply by 12.74%, landing at $1.44 billion. This mixed data suggests price gains may have come from spot market buying rather than intense speculative trading.

Long-term performance still trails ATH

Despite today’s gains, DOGE remains down 75.36% from its all-time high of $0.7376, which was reached on May 8, 2021. On a more optimistic note, the current price is still an astronomical +212,539.87% above its all-time low of $0.00008547, set on May 7, 2015. Long-term holders still sit comfortably in the green.

Source: TradingView

On the daily chart, Dogecoin recently broke out of a consolidation zone that spanned much of March and early April. After bouncing off the $0.14 region multiple times, DOGE finally climbed past $0.18, accompanied by stronger candles and increasing bullish volume. Resistance around $0.185 may be tested again soon, while support now rests near $0.172.

Although the daily candlestick closed slightly lower at $0.18231, the price remained steady near its high, suggesting that bulls remain in control. The volume on Binance reached nearly 359 million DOGE, underscoring trader interest despite a dip in overall market volume.

DOGE may push higher

Dogecoin’s strong 24-hour performance hints at a possible short-term continuation. While broader market trends and Bitcoin’s movement remain crucial factors, DOGE seems to have regained short-term bullish momentum.

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If it breaks past $0.185 convincingly, the next key level to watch is the psychological $0.20 barrier. Caution is still advised as meme coins tend to swing wildly, but for now, DOGE defies the bears with a sharp intraday rally

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.