Dogecoin Trading Volume Surges 123%…Price Still Weak

Dogecoin's 24-hour trading volume surged over 123%, but the price remains near multi-month lows, reported blockchain media Today on the 24th (local time). Spot trading volume for Dogecoin totaled approximately $219 million, while futures volume reached around $1.5 billion. Open interest surpassed $1.1 billion, with leveraged positions persisting despite the price failing to rebound significantly. Dogecoin is currently trading around $0.069, below the 26-day EMA at $0.074, as well as the 50-day EMA at $0.078 and 100-day EMA at $0.087. This signals ongoing selling pressure in both short-term and long-term trends. Technical indicators suggest caution, with the 200-day EMA maintaining a downward slope above $0.10 and the RSI approaching overbought territory at 34-35. However, overbought conditions alone do not confirm a long-term bottom. The chart shows a sustained downtrend, with both high and low points declining. Recovery above the $0.074 26-day EMA is critical, followed by potential resistance at the $0.087 level.