Dogecoin Core Upgrade Boosts DOGE Price Trends, Surges 4%+

Dogecoin (DOGE) has experienced a notable price surge in the last 24 hours, following Bitcoin’s breakthrough above the $60,000 psychological barrier. This rise has brought renewed optimism to the market, even though the Bitcoin Fear and Greed Index indicates a cautious sentiment among investors. 

At press time, DOGE is priced at $0.1048, reflecting a 4.89% daily gain. This price movement underscores the growing interest in Dogecoin, which now boasts a market cap of $15.25 billion, ranking it 9th by market capitalization. However, trading volume has seen a 16.58% decrease, with 24-hour volume at $791.29 million. This decline in trading activity suggests a potential waning interest or a pause in market participation.

Support and resistance levels play a crucial role in DOGE’s price dynamics. The psychological support level at $0.10 remains a stronghold, where buyers typically re-enter the market. A minor support level at $0.0974 was tested earlier, indicating potential further declines if breached. On the upside, the immediate resistance at $0.1080 presents a challenge. Should DOGE break this level, it could pave the way for further gains, possibly testing the $0.11 resistance.

The recent upgrade to Dogecoin Core version 1.14.8, aimed at enhancing stability, efficiency, and security, is expected to positively impact DOGE’s long-term value. This upgrade signifies ongoing development efforts, which could bolster investor confidence and drive future price appreciation.

From a technical perspective, DOGE’s price trend shows short-term bullish momentum. The price has increased from approximately $0.09974 to $0.105. This positive momentum suggests buyers currently dominate the market. However, the decrease in trading volume hints at a potential retracement if DOGE fails to surpass the immediate resistance levels of $0.1080 or $0.1100.

Additionally, data from Coinalyze reveals a 7.48% increase in DOGE open interest over the last 24 hours. This increase and rising prices indicate sustained interest and potential for a continued upward trend in the short term.

The Relative Strend Index stands at 41, placing DOGE in neutral territory. This suggests a potential price reversal or bounce in the near future. Meanwhile, the 1-day MACD trading below the signal line indicates that DOGE may be poised for a price correction.