Dogecoin has seen gains of 6% over the last 24 hours, surpassing those of major cryptocurrencies, including Bitcoin and XRP. The meme coin was trading at $0.2067, with a total daily volume exceeding 1.87 billion, more than twice its usual trading volume.
The performance marks a significant improvement compared to larger-cap digital assets. Bitcoin rose 3.15% over the same period, while XRP increased by 1.52%. The surge indicates the increasing speculative interest in the dog-themed cryptocurrency.
Futures Market Signals Growing Optimism
Dogecoin futures open interest surged by 9% in 24 hours, indicating a high level of trader activity. According to Binance data, approximately 70% of traders with open positions are betting on price growth. This asymmetrical placement indicates that there are many bullish sentiments among the active market players.
The derivatives market action is in line with larger movements in cryptocurrency markets. Digital assets rose after diplomatic developments between China and the United States over trade. Both countries are reported to have made initial deals in advance of an intended meeting between President Donald Trump and Chinese President Xi Jinping.
Cryptocurrency analyst Ali Martinez found critical support of Dogecoin at levels below 0.18. Such a level might lead to the push of prices to $0.25 and $0.33. These targets are 21-60% gains at present trading levels.
Technical indicators offer a conflicting message. According to TradingView data, the Moving Average Convergence Divergence (MACD) indicator generated a buy signal. This indicates favorable momentum, as evidenced by comparisons of the exponential moving average. However, the Bull Bear Power indicator remains neutral, reflecting balanced pressure between buyers and sellers.
Market Context and Trading Volume
The spike in volume to $1.87 billion is a significant boost to the market. Increased volumes of trade are typically a positive sign of increased conviction among market players and may indicate long-term price trends.
Dogecoin remains the largest meme cryptocurrency by market capitalization. Since its inception, the token has withstood the market's test through numerous market cycles, establishing a loyal fan base of followers and traders.
The ongoing bull run is not confined to Dogecoin, but it applies to the wider cryptocurrency and equity markets. Risk assets also improved due to optimism about the easing of trade tensions between the two largest economies in the world. Trade friction is regarded by market participants as favorable to economic growth and risk tolerance globally.
Source: X
The technical chart and market positioning in the derivative markets suggest that traders anticipate the trend to continue upward. The fact that the long positions are concentrated on Binance suggests that leveraged traders are confident, but the position can increase gains and losses equally.
Analysts continue to monitor the support at $0.18 as a key area to maintain a bullish market structure. Breach of this would result in profit and position liquidations. On the other hand, any above-support hold can confirm the positive technical perspective and attract more purchasing attention.
