u.today
The digital asset market has seen a rally in some coins, with Dogecoin (DOGE) mirroring the recovery moves of Bitcoin (BTC). This rebound in the price of DOGE is also showcased by a surge in open interest over the past 24 hours.
Renewed market interest sparks DOGE rebound
CoinGlass data reveals that DOGE has recorded a 5.75% increase within this time frame as investors renewed interest in the meme coin. That is, investors have committed a total of 9.78 billion DOGE worth about $1.72 billion for open positions on the meme coin market.
This development sparks hope among market participants, who believe that DOGE might have rediscovered its upward trajectory.
As of press time, DOGE price was valued at $0.1765 on the open market, a 3.17% increase in the last 24 hours. Investor engagement increased massively as trading volume surged by 58.45% to $787.32 million.
Interestingly, community sentiment is bullish as DOGE attempts to reach key price levels. Many anticipate the meme coin will breach the resistance level of $0.18 if the current rally sustains its momentum.
Notable on-chain analyst Ali Martinez believes Dogecoin’s Bollinger Bands have narrowed, which is a positive signal. Generally, this development often leads to a major price rise in an asset.
Dogecoin flips Cardano (ADA) in market capitalization
Meanwhile, as reported by U.Today, liquidation for DOGE has thinned out on the broader market, fueling hopes of a possible break.
The top meme coin recently recorded its lowest liquidation in months, and analysts believe this could support the asset’s price reset moves.
This positive development contributed to a rise in the market capitalization of Dogecoin, which helped it flip Cardano (ADA) in the rankings from eighth place.
DOGE’s market cap is currently at $26.16 billion, compared to ADA, which is $25.66 billion, per CoinMarketCap data.