Dogecoin (DOGE) Eyes Multi-Week Breakout as Volume Jumps 95%

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Dogecoin (DOGE) is currently in the spotlight amid its ongoing rebound on the market. Per data from CoinMarketCap, Dogecoin has jumped by more than 5% in the past 24 hours, and its price is now pegged at $0.1442. One thing that makes this growth unique is the mild deviation from the overall price trend of Bitcoin (BTC).

Dogecoin volume and triggers to watch

Dogecoin is one of the most delicate digital currencies in the crypto ecosystem. After weeks of flat trading, it is finally in breakout mode. Rebounding from its weekly low of $0.128 on Oct. 26, this new uptick might be the start of something epic for DOGE. 

Dogecoin 1D Chart. Source: CoinMarketCap

One major performance metric worth watching is the DOGE trading volume. As of writing, this metric has increased by 97.59% in 24 hours to $1.6 billion. This proves how hyped the Dogecoin ecosystem is at the moment despite trimmed-down expectations.

Dogecoin’s resurgence stems from an earlier post from Tesla CEO Elon Musk on X. The breakout of DOGE is often closely tied to Elon Musk, and though it has been a while since he nudged a massive price rally for the coin, this recent X post came at a pivotal time.

Is DOGE ready for $0.20?

Dogecoin has high volatility strength. With the price now up 5% today, it has effectively pared off its seven-day losses, down 0.3%. Overall, members of the DOGE army are now expecting a massive breakout marked by a retest of the $0.20 price level.

While Elon Musk’s post of a Dogecoin muscled mascot is a major trigger, sustaining this growth trend will take much more. Based on precedent, DOGE whales might swoop in now to help fuel more rallies based on a boost in scarcity.

Ultimately, if the broader market continues its bullish pathway, it can be a major sentiment booster for DOGE to retest the $0.20 level.