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Dog-themed cryptocurrency Dogecoin ($DOGE) has seen a remarkable surge in trading volume in the last 24 hours as the price saw a breakout and rallied to a four-week high. The altcoin is currently the ninth largest cryptocurrency by market capitalization, with a valuation of over $12.33 billion.
According to data from CoinMarketCap, the 24-hour trading volume of $DOGE increased by nearly 250%, reaching $1.18 billion at press time. The volume surge indicates strong interest and activity in the $DOGE market, as buyers and sellers exchanged massive amounts of the cryptocurrency.
The volume spike also coincided with a significant price increase, with Dogecoin surging to highs not seen since Dec. 21.
Dogecoin jumped to highs of $0.097 from $0.078 on Jan. 20, and the gains continued until press time, with the $DOGE price rising 10% in the last 24 hours to $0.0856.
Crypto enthusiasts are speculating about the possibility of cryptocurrency payments on X following the launch of a dedicated account for its forthcoming payments feature later in 2024.
As reported, Elon Musk's social media platform X, formerly known as Twitter, is anticipated to launch peer-to-peer payments this year.
However, it is unclear whether the feature will support payments in other than traditional fiat currencies.
$DOGE price: What to watch
The Dogecoin price surpassed the daily MA 50 barrier at $0.089 for the first time since January 2024. The price of Dogecoin reached a high of $0.097, but bulls' efforts fell short of $0.10, preventing them from removing an extra zero from the price.
The $DOGE price then retraced, dropping below the MA 50 barrier at $0.089. On the upside, Dogecoin must break over the $0.097 high before buyers attempt to push Dogecoin to the overhead resistance zone between $0.10 and $0.11.
On the other hand, if the Dogecoin price reverses, bears may attempt to drive it down to a retest of the $0.074 level.
According to crypto analyst Ali, as long as the $0.074 support cluster continues to hold, $DOGE has a great chance of rebounding to $0.100 or higher.