Dogecoin (DOGE) has registered a 5.15% price surge in the last 24 hours and is currently trading at $0.0936 after experiencing a price surge from the critical support zone of $0.087. Daily trading volume jumped to $2.46 billion, signaling heightened investor activity as the meme-inspired cryptocurrency attempts to recover after resistance rejection near $0.1174.
The market capitalization of Dogecoin currently stands at $15.79 billion, which is 0.69% of the total crypto market dominance. Analysts have noted that it is vital to keep an eye on the key support and resistance levels to anticipate the short-term price movements and the price surge in the cryptocurrency market.
Dogecoin Faces Critical Retest After Resistance Rejection
Recently, Dogecoin has encountered selling pressure in the cryptocurrency market due to the failure to break through the $0.1174 resistance barrier. Consequently, the cryptocurrency has registered a decline to the $0.087 zone, which has acted as the consolidation zone in the past.
According to a recent post by crypto analyst Crypto TXG, if the cryptocurrency bounces back to the $0.087 mark, this would mean the buying pressure is sustained. However, if the cryptocurrency dips below this mark, the bearish trend would continue.
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DOGE Faces Critical Support Level at $0.087
The current trading pattern shows the critical level at which the cryptocurrency currently is. As the trading volumes are very high, the chances of the buying pressure increasing and the market stabilizing can only be confirmed after the consolidation.
According to the data available from the derivatives market, the liquidation value over the last four hours was $438,870. Long positions suffered the most during this period. The liquidation value over the last twelve hours was $3.66 million. Of this amount, the short positions suffered losses amounting to $2.66 million. The losses over the last 24 hours amount to $6.2 million.
The dip in the value to below the level of $0.09 has intensified the liquidation. As the long positions have suffered losses to the tune of $136.57 million. As the current trading pattern shows, the sellers’ pressure is currently very high in the spot market, the futures market, and the derivative market.
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