Dogecoin (DOGE) Price Soars 5.4%, Signaling a Market Turnaround

Dogecoin (DOGE), the largest meme coin in terms of market capitalization, has seen positive price momentum today. The meme coin's price has soared 5.4%

Dogecoin (CRYPTO: DOGE) is showing positive price momentum today. The world's largest meme coin by market cap enjoyed a price increase of 5.4% over the last 24 hours. During this time, DOGE also moved up the market cap rankings and now sits as the ninth-largest cryptocurrency with a market cap of $15.33 billion, up 5.38% over the last 24 hours.

This price rally also brought about a surge in trading activity for the meme coin. According to data from Coinglass, the 24-hour trading volume of Dogecoin soared 72.12%, reaching $1.10 billion. This metric showcases the increasing interest from traders as the price continues to push toward the next highs, with the next target being $0.11.

CoinGlass also reports a rise in the Open Interest (OI) of the coin during this time. According to the platform, the Open Interest of Dogecoin enjoyed a jump of 9.58%, reaching the $513.54 million level. This metric showcases that crypto traders are showing increasing interest and confidence in DOGE by opening up more positions.

Rising trading volume and Open Interest usually indicate a market turnaround. Both metrics have been trading sideways for the last few weeks, indicating that the broader crypto market, including DOGE, have been trading on the sidelines. However, these metrics have turned bullish today, and the price has already jumped.

Dogecoin technical outlook: The RSI of DOGE, according to TradingView, is currently sitting at the 0.465362 level. This metric showcases the current market sentiment, which is turning optimistic. According to the RSI range, it seems like Dogecoin is in the ideal buying phase, which could propel the price toward the next highs.

However, the meme coin has faced rejection from the $0.13 price level. For a more sustained price rally, it needs to clear this resistance and turn it into support. If DOGE manages to clear this level successfully, then the chances of a bigger price rally will be higher.

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