"Dogecoin Defends $0.16 Level… Rise in Trading Volume Raises Rebound Possibility"
Summary
- Dogecoin is reportedly forming a support level at the $0.16 mark.
- Recently, trading volume more than doubled, drawing attention to the possibility of an additional rebound.
- Market volatility is reportedly influenced by President Trump's tariff pressures and uncertainty surrounding U.S. fiscal policy.
Dogecoin (DOGE), the representative meme coin, is reported to be forming a support level near $0.16.
On the 5th (local time), the cryptocurrency-focused media outlet CoinDesk reported, "Dogecoin fell as much as 5% the previous day to $0.161, but rebounded to $0.163 as strong buying pressure emerged."
According to the outlet, DOGE's trading volume more than doubled on that day. Notably, the one-hour trading volume surged to 45.2 million DOGE.
Analysts stated, "If Dogecoin continues to trade above the recent support zone, there may be further rebound potential," adding, "In the short term, whether it can hold above $0.160 will be key."
The outlet added, "In the market, tariff pressures from President Trump and uncertainties over U.S. fiscal policy are contributing factors to increased volatility across risk assets."
DOGE was trading at $0.16450, down 2.24% from the previous day, as of 15:26 in the Binance USDT market.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
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