Dogecoin (DOGE) experienced a 5.15% price surge in the last 24 hours, trading at $0.0936 after bouncing from a key support level of $0.087. Daily trading volume increased to $2.46 billion, while the market cap stands at $15.79 billion. Analysts note that $0.087 is a critical support zone, with $6.2 million in losses liquidated over the last 24 hours.
Dogecoin rebounded 7.5% from the $0.087 support price. It is currently trading at $0.0936 with a daily volume of $2.46 billion and a market cap of $15.79 billion.
The cryptocurrency failed to break the $0.1174 resistance barrier, leading to recent selling pressure. This decline brought it back to the $0.087 consolidation zone.
Crypto analyst Crypto TXG stated that a bounce from $0.087 would indicate sustained buying pressure. A dip below this level would signal a continuation of the bearish trend.
High trading volumes suggest potential for increased buying pressure and market stabilization. The derivatives market recorded significant liquidations recently.
Data from the derivatives market shows $438,870 was liquidated in four hours. Long positions suffered the most during this period.
Over twelve hours, the total liquidation value was $3.66 million. Short positions accounted for $2.66 million of those losses.
Total losses over the last 24 hours amount to $6.2 million. The dip below $0.09 intensified the selling pressure across spot, futures, and derivative markets.
