Dogecoin Volumes Drop 50% as Price Faces Key Test at $0.10

Dogecoins trading volume has declined in a quiet trading session following the weekend. In the last 24 hours, Dogecoin volume was down nearly 50% to $669 million according to CoinMarketCap data.

Crypto markets often see a “quiet” weekend, marked by lower trading volumes and liquidity which can result in slower price action and volatility from fewer trades. Volume can be lower than on weekdays, creating a thinner market.

At the time of writing, Dogecoin was down 0.48% in the last 24 hours to $0.108, a level most analysts are watching closely.

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Dogecoin price faces a key test at this level after an earlier rise to $0.117 on May 6. Before the rise, Dogecoin price compressed into a very tight range with the $0.10 level acting as stiff resistance, preventing a breakout on five consecutive attempts.

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Major cryptocurrencies paused their recent rally, with Dogecoin retreating, erasing weekly gains.

Dogecoin steadily rose from a low of $0.092 on April 20, reaching a high of $0.117 before it started declining into a tight range.

$0.10 remains key level

Dogecoin declined sharply from the $0.117 level, indicating profit-taking by short-term traders. $0.10 remains the critical support level to watch in the near term. If the DOGE price rebounds from its current levels, buyers will again attempt to retest the $0.117 level. If they succeed in doing this, Dogecoin may rise to $0.14, then to $0.16.

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On the other hand, a break and close below the $0.10 level suggest that DOGE may remain within the $0.09 to $0.12 range for a few more days.

Traders are looking ahead to X Money, which is currently in an early public access rollout phase, having begun its initial launch in April 2024. Elon Musk stated that X Money will serve as a payments product with peer-to-peer transfers, bank deposits, a debit card and cashback rewards through X Payments, a licensed subsidiary partnered with Visa.