Summary
- Dogecoin (DOGE) reportedly surged 11%, with trading volume reaching four times the usual level.
- It was noted that the main support level stands at $0.21, while the resistance level is identified at $0.24.
- The rise was attributed to dovish signals from the US Fed, Thumzup’s acquisition of Dogehash, and large-scale accumulation by whale wallets.
Dogecoin (DOGE) has surged 11% in a short period, showing an upward trend.
According to cryptocurrency-focused media outlet CoinDesk on the 23rd (local time), Dogecoin soared as high as $0.24 during intraday trading, posting an 11% increase. In particular, the previous day's trading volume was 4.27 billion DOGE, which is 4 times the average level. DOGE's major support level is cited at $0.21 and resistance at $0.24.
The media attributed this upswing to △the dovish policy signals from the US central bank, the Fed △the acquisition of Dogehash, a Dogecoin mining company, by Trump-related company Thumzup △and the accumulation of 680 million DOGE by whale wallets.
The outlet analyzed, "While Bitcoin and Ethereum are solidifying as long-term holdings, Dogecoin is also forming a new bullish structure as capital aiming for short-term volatility pours in."
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
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