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Dogecoin (DOGE) may be showing no momentum in terms of its price, but the sentiment is gradually shifting. The price consolidation is expected to continue for the short term, but numerous metrics are now signaling toward an impending Dogecoin price breakout. Crypto traders are also becoming positive about the meme coin.
First, the trading volume of DOGE has seen a remarkable surge of 27.71% in the last 24 hours. It is now standing at a whopping $1.01 billion. Notably, the rising trading activity for Dogecoin is seen across all top trading platforms, showing surging investor interest in the meme coin.
For instance, $357.11 million of it has come from Binance, the largest crypto exchange on the market. Meanwhile, $245.60 million comes from OKX, $145.75 million from Bybit, $55.13 million from BingX and $20.17 million from Bitget, followed by other trading platforms. This influx of volume is huge, and it shows the slight shift in momentum for the popular meme coin.
Moreover, Open Interest (OI) in DOGE has also surged 2.24% to $530.78 million. This number shows the quantity of open positions for the coin, and the rise reflects the influx of more investors into the Dogecoin market. The rise in both of these metrics shows that the current sentiment is positive, and things are looking good for DOGE.
What about Dogecoin’s price?
Dogecoin is currently trading around $0.1095 after a slight jump of 1.02%. The coin has been consolidating around this level. However, the latest metrics suggest that sentiment is shifting, and the DOGE price may finally break its shackles to trigger a price rally in the near future.
Analysts like Ali Martinez have also predicted a potential Dogecoin price breakout in the coming days. Consequently, market sentiment is now moving toward the bullish side. Bears may soon lose control over the market, and bulls are likely to make a return and help Dogecoin to target the next highs.
