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The crypto market is undergoing a major bearish retreat as Bitcoin (BTC) has forced other assets to a new low, including Dogecoin (DOGE), per CoinMarketCap data. While the price of Dogecoin took the bearish bait, other important metrics have stayed elevated.
Dogecoin price sends bullish signal with volume boost
At the time of writing, the price of Dogecoin had added a new zero and was changing hands for $0.09925, down by 6.25% in 24 hours. Rather than focus on this price outlook to redefine the next pace, investors have chosen a more bullish path for DOGE.
The trading volume has jumped by more than 25% within the same period, with a total of $668,022,374 traded. For a relatively more speculative digital currency, this trading volume is making no unique difference for DOGE. After flirting around the crucial support level at $0.10, the coin eventually caved in, dropping as low as $0.0097.
Notably, Dogecoin is only one of the hits among the meme coin assets. Shiba Inu (SHIB) and PEPE recorded worse drawdowns, with their prices falling 7.2% and 9.23% to $0.00001378 and $0.000007694, respectively.
Rebound trend to watch
It is worth noting that individual tokens have their respective strengths and weaknesses. With the price at a near multi-week low, Dogecoin investors may need to focus on its strength.
The coin is a major favorite of market whales, who keep plunging heavily, hoping the ultimate price rebound will favor them. With IntoTheBlock data showing that more than 70% of Dogecoin addresses are profitable, the confidence to defy current market trends is high.
This might further help the DOGE price in its journey toward recovery. Ultimately, the resurgence of BTC in the short term remains the dominant catalyst that might trigger the Dogecoin rebound based on the strong correlation.