Bitcoin News Today: Dogecoin Price Surges 2.47% on 1,023% Volume Spike on OKX

Dogecoin (DOGE) experienced a notable surge in price and volume on Monday, reaching $0.204 during intraday trading. This increase came on the back of a dramatic 1,023% spike in hourly trading volume on OKX, a level of activity that underscored sudden and significant buying interest, particularly from large investors [1]. The price rebounded from a recent low of $0.188, marking a 2.47% daily gain and reinforcing a short-term recovery trend.

The price movement placed DOGE between two key moving averages, with the 50-day simple moving average (SMA) providing support at $0.19 and the 200-day SMA forming resistance near $0.2099. Traders are closely watching the $0.21 level, which acts as both a psychological barrier and a technical resistance zone. Despite the price approaching this level, sellers intervened, halting further upward movement and causing trading volume to ease after the initial surge [2].

Technical indicators also reflected a cautious market outlook. The daily relative strength index (RSI) stood at 44, suggesting a neutral sentiment among traders, with no clear bearish or bullish momentum. While the 4-hour RSI edged closer to 50—traditionally a threshold indicating a shift in momentum—no decisive move has yet occurred [3]. On-chain data showed that whale wallets had accumulated over 310 million DOGE, a sign often associated with future price strength [4].

Despite the strong volume spike, DOGE has entered a consolidation phase, with traders awaiting a clear breakout from the current range. If the price can sustain a move above $0.21, the next target may extend into the $0.248–$0.287 range. Conversely, a retreat below $0.19 could trigger a pullback toward $0.14 [5]. The market remains in a holding pattern, with both bulls and bears monitoring price action for confirmation of the next directional move.

The surge in Dogecoin came amid broader market volatility. Bitcoin remained in a consolidation phase near $114,844, having stayed above a key support level at $104,000. Analysts highlighted the importance of the $116,000 level for BTC, noting that a breakout could pave the way for a move toward $120,000 [6]. Meanwhile, other tokens such as Remittix (RTX) also attracted attention, with a significant token sale generating over $18.1 million [7].

Investors are advised to watch both volume patterns and key price levels as potential signals of continued momentum. For DOGE, the $0.21 resistance and $0.19 support are crucial in determining the next phase of its price movement. Until a clear breakout occurs, the market remains in a period of cautious observation.

Source:

[1] Sharp Dogecoin (DOGE) and Remittix (RTX) pumps ... (https://coinjournal.net/news/sharp-doge-and-rtx-pumps-incoming-as-bitcoin-btc-price-targets-120-reclaim/)