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▲ Dogecoin (DOGE)
Dogecoin (DOGE) trading volume has plummeted by nearly 50% amidst quiet trading flows since the weekend. The price has fallen to around $0.108, putting the critical short-term support line of $0.10 to the test, and has entered a turning point that will determine whether it continues its recent rebound or becomes trapped in a trading range again.
U.Today reported on May 10 (local time), citing CoinMarketCap data, that Dogecoin's trading volume in the last 24 hours decreased by nearly 50% to $669 million. Weekend cryptocurrency markets typically experience quiet flows with reduced trading volume and liquidity, which can cause price movements and volatility to change with fewer trades.
As of the time of writing, Dogecoin was trading at $0.108, down 0.48% over the last 24 hours. The range market analysts are watching is $0.10. Dogecoin rose to $0.117 on May 6 before falling, a process analyzed as short-term traders taking profits.
Dogecoin had previously rebounded steadily from a low of $0.092 on April 20, rising to $0.117. However, with major cryptocurrencies halting their recent rallies, Dogecoin also fell, erasing its weekly gains. Notably, $0.10 had previously been a strong resistance line that prevented breakthroughs five times, but it has now changed into a key price level that can function as a short-term support line.
U.Today stated that if Dogecoin rebounds from its current level, buying pressure could attempt to re-test $0.117. If this level is broken, the next upward targets are set at $0.14, followed by $0.16. Conversely, if a close below $0.10 occurs, Dogecoin is analyzed to likely remain in a trading range between $0.09 and $0.12 for some time.
Investors are also watching the launch of X Money. X Money entered its initial public access phase in April 2024, and Elon Musk stated that the service would be a payment product including peer-to-peer transfers, bank deposits, debit cards, and cashback rewards. This service is being pursued through X Payments, a licensed subsidiary in partnership with Visa.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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