$1.19 Billion DOGE Hit in 24 Hours as Dogecoin Makes 6% Jump

Dog-themed cryptocurrency Dogecoin (DOGE) has seen increased activity in the last 24 hours, with its trading volume surpassing $1.19 billion, according to CoinMarketCap data.

The crypto market is currently seeing a rebound in the early Tuesday session, with the majority of digital assets in the green. Positive sentiment is returning to the crypto market. Cryptocurrency exchange-traded products (ETPs) witnessed modest inflows of $226 million last week, CoinShares reported on March 31. Traders remain cautious in the near term, but a slight positive is that lower prices are attracting buyers.

Dogecoin has benefited from the positive sentiment, up nearly 8% in the last 24 hours. As of press time, Dogecoins price stands at $0.173, reflecting a 7.65% rise within the last day. This upward movement aligns with renewed investor interest in the cryptocurrency market, with major assets showing similar gains.

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Dogecoin has increased 19% in trading volume to $1.19 billion as traders attempt to profit from recent market movement.

Dogecoin price action

After four consecutive days of falls, Dogecoin fell to a low of $0.16 on March 31, when bulls began a recovery.

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The comeback continued in the early Tuesday session, with Dogecoin reaching a high of $0.175. Buyers will need to push and hold the price over $0.20 to indicate that Dogecoin may have found a floor at $0.16. Dogecoin may then rise to $0.24.

If Dogecoin drops from its present levels, it may retest support at $0.16. Further falls might drive Dogecoin to fall to $0.14, where buyers are likely to jump in. Any bounce of $0.14 is predicted to trigger selling at the moving averages. If the price falls below the moving averages, it enhances the likelihood of a break below $0.14. If that happens, Dogecoin might fall to $0.10.